Job No: 103107 Proof Event: 14 Black Line Level: 5 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Annual Report and Financial Statements 30 November 2025
BlackRock Energy and Resources Income Trust plc Annual Report and Financial Statements 30 November 2025
www.blackrock.com/uk/beri
Registered in England, No. 5612963
Registered in England, No. 5612963
Registered in England, No. 5612963
Contents
Job No: 103107 Proof Event: 14 Black Line Level: 5 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Keeping in touch
We know how important it is to receive up-to-date information about the Company.
To ensure that you are kept abreast, please scan the QR code to the right of this
page to visit our website. If you have a smartphone, you can activate the QR code
by opening the camera on your device and pointing it at the QR code. This will
then open a link on the relevant section on the Company’s website. By visiting our
website, you will have the opportunity to sign up to our monthly newsletter which
includes our latest factsheets and market commentary, as well as upcoming events
and webinars. Information about how we process personal data is contained in our
privacy policy available on our website.
Further information about the Company can be found on our website at
www.blackrock.com/uk/beri.
General enquiries about the Company should be directed to the Company Secretary
at: cosec@blackrock.com.
Register here to watch this year’s Annual General Meeting
For the benefit of shareholders who are unable to attend this year’s AGM in person,
we have arranged for the proceedings to be viewed via a webinar. You can register
to watch this by scanning the QR Code opposite or by visiting our website at
www.blackrock.com/uk/beri and clicking the registration banner.
Please note that it is not possible to speak or vote at the AGM via this medium and
joining the webinar does not constitute attendance at the AGM. Shareholders wishing
to exercise their right to attend, speak and vote at the AGM should either attend in
person or exercise their right to appoint a proxy to do so on their behalf. For further
details please see page 150 of the Annual Report.
Use this QR code
to take you to
the Company's
website where
you can sign up to
monthly insights
and factsheets.
Contents
Job No: 103107 Proof Event: 17 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Financial
highlights
as at 30 November 2025
150.00p
Ordinary share price
▲28.8%
1,2
£182.8m
Net assets
▲9.3%
164.30p
Net asset value (NAV) per
ordinary share
▲23.5%
1, 2
4.75p
Total dividends per share
▲5.6%
3.50p
Revenue earnings per
ordinary share
▼3.6%
3.2%
2,3
Historic yield
4.0%
4
Target yield
Section 1: Overview and performance 1
The above financial highlights are at 30 November 2025 and percentage comparisons
are against 30 November 2024.
1
Share price and NAV performance are calculated in British Pound Sterling terms with
dividends reinvested.
2
Alternative Performance Measures, see Glossary on pages 141 to 145.
3
Based on dividends paid and declared for the year ended 30 November 2025 and
share price as at 30 November 2025.
4
With effect from 1 December 2025, the Board will target a dividend in each
financial year of the greater of (i) the total dividend per share in respect of the prior
year, and (ii) at least 4% of NAV per share at the end of the preceding financial
year, which equates to a minimum dividend target for the year to 30 November
2026 of 6.57 pence per share. This represents a yield of 4.4% on the share price at
30 November 2025.
We purchased Rio Tinto during the year. Alongside its core iron ore and aluminium
businesses, the company has significant copper exposure, including through its
Oyu Tolgoi operation in Mongolia, pictured opposite.
PHOTO COURTESY OF RIO TINTO
Contents
Job No: 103107 Proof Event: 17 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
2 BlackRock Energy and Resources Income Trust plc l Annual Report and Financial Statements 30 November 2025
Why BlackRock
Energy and Resources
Income Trust plc?
Investment objective
The Company’s objectives are to achieve an annual dividend target and, over the long term, capital growth by
investing primarily in securities of companies operating in the mining and energy sectors.
Portfolio
Within the mining and energy sectors, the Manager invests in the Mining, Traditional Energy and Energy
Transition sectors, with neutral weightings of 40%, 30% and 30% respectively, but with the flexibility to vary
those percentages. Performance is monitored against an internal reference index comprised of three indices
– the MSCI ACWI Select Metals & Mining Producers Ex Gold and Silver IM (Mining), the MSCI World Energy
Index (Traditional Energy) and S&P Global Clean Energy Transition Index (Energy Transition).*
Reasons to invest
A member of the Association of Investment Companies
Further details about the Company, including the latest annual and half-yearly financial reports, fact
sheets and stock exchange announcements, are available on the website at www.blackrock.com/uk/beri.
Inflation sensitivity
A conviction-led approach, with the
potential to benefit from inflation,
delivering an attractive income from
investing in companies with the best
ideas in the Mining, Traditional Energy
and Energy Transition sectors.
Yield
The Company aims to offer a
progressive dividend, as the managers
focus on higher quality companies
with strong cash flows that are good
allocators of capital, and which
generate earnings from businesses
around the world. The Company will
target a dividend in each financial year
of at least 4% of NAV per share at the
end of the preceding financial year with
effect from 1 December 2025 onwards.
Flexibility
Within our mandate, the Company’s
flexibility means that the portfolio will
adapt as the demand for Mining, Energy
and Energy Transition related stocks
changes. This approach allows the
team to take advantage of the inevitable
valuation cycles which occur as the
Energy Transition megatrend evolves.
Energy Transition
opportunities
The Energy Transition is a long-term
“megatrend” requiring USD billions of
investment in new sources of energy,
the grids to distribute it and efficiencies
to make the most of it. Decarbonising
the global economy will disrupt many
industries creating huge opportunities,
not only in the new “transition”
industries, but also for the mining
companies which provide materials for
batteries, grids and wind turbines, and
for the Traditional Energy companies
required to power the demand in the
meantime.
Expertise
The Company’s assets are managed by
BlackRock’s Natural Resources Team.
The team have been running Mining
funds since 1993, Traditional Energy
funds since 1999 and Energy Transition
funds since 2001, so is one of the most
experienced in the industry. The team
undertakes extensive, proprietary, on-
the-ground research to get to know the
management of all the companies in
which they invest.
Performance Track Record
Investing in high quality, cash
generative businesses has enabled the
Company to increase its total annual
dividend every year for five years
utilising its closed-end fund structure.
Total return performance over the five
years to 30 November 2025 is set out
below:
NAV per share
1
144.0%
Share price
1
155.2%
1
With dividends reinvested. Alternative Performance Measures. Further details of the calculation of performance with dividends
reinvested are given in the Glossary on pages 141 to 145.
* The Board has not adopted a formal benchmark as the Company’s objectives are to achieve both an annual dividend target and,
over the long term, capital growth, and meeting a specific dividend target is not within the scope of the comparator indices.
Contents
Section 1: Overview and performance 3
Job No: 103107 Proof Event: 17 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Contents
1
2
4
5
11
26
28
30
36
37
39
55
64
69
71
78
83
88
95
96
97
98
99
100
128
131
132
133
134
135
136
137
140
141
148
Section 1: Overview and performance
Financial highlights
Why BlackRock Energy and Resources Income Trust plc?
Performance record
Chairman’s statement
Investment Managers’ report
Section 2: Portfolio
Distribution of investments
Ten largest investments
Investments
Section 3: Governance
Governance structure
Directors’ biographies
Strategic report
Directors’ report
Directors’ remuneration report
Directors’ remuneration policy
Corporate governance statement
Report of the audit and management engagement committee
Statement of Directors’ responsibilities in respect of the annual report and
financial statements
Section 4: Financial statements
Independent auditor’s report
Consolidated statement of comprehensive income
Consolidated statement of changes in equity
Parent company statement of changes in equity
Consolidated and parent company statements of financial position
Consolidated and parent company cash flow statements
Notes to the financial statements
Section 5: Additional information
Shareholder information
Analysis of ordinary shareholders
Historical analysis
Management & other service providers
AIFMD report on remuneration (unaudited)
Other AIFMD disclosures (unaudited)
Information to be disclosed in accordance with Listing Rule 6.6.1
Information to be disclosed in respect of investment in the People’s
Republic of China (PRC) via the Stock Connect
Depositary report
Glossary
Section 6: Annual general meeting
Notice of annual general meeting
Share fraud warning
152
Contents
Job No: 103107 Proof Event: 17 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
4 BlackRock Energy and Resources Income Trust plc l Annual Report and Financial Statements 30 November 2025
Performance record
As at
30 November
2025
As at
30 November
2024
Net assets (£’000)
1
182,814 167,327
Net asset value per ordinary share (pence) 164.30 137.66
Ordinary share price (pence) 150.00 121.00
Discount to net asset value
2
8.7% 12.1%
Performance (with dividends reinvested)
For the year
ended
30 November
2025
For the year
ended
30 November
2024
Net asset value per share
2
23.5% 15.3%
Ordinary share price
2
28.8% 14.0%
Reference index
3
17.9% 0.5%
Performance since inception
4
(with dividends reinvested)
Since inception
to 30 November
2025
Since inception
to 30 November
2024
Net asset value per share
2
344.7% 259.9%
Ordinary share price
2
310.1% 218.4%
For the year
ended
30 November
2025
For the year
ended
30 November
2024
Change
%
Revenue
Net profit after taxation (£’000) 4,076 4,541 -10.2
Revenue earnings per ordinary share (pence)
5
3.50 3.63 -3.6
Dividends (pence)
1st interim 1.125 1.125 0.0
2nd interim 1.125 1.125 0.0
3rd interim 1.250 1.125 11.1
4th interim 1.250 1.125 11.1
Total dividends paid 4.750 4.500 5.6
100
120
140
160
180
200
220
240
260
Nov 20 Nov 21 Nov 25
Share price performanceNAV performance
Sources: BlackRock and LSEG Datastream.
Performance figures are calculated on a total return basis in British Pound Sterling terms, with dividends reinvested.
Share price and NAV at 30 November 2020, rebased to 100.
%
Reference index
3
Nov 22 Nov 23 Nov 24
Performance from 1 December 2020 to 30 November 2025
1
The change in net assets reflects portfolio movements, the repurchase of shares and dividends paid during the year.
2
Alternative Performance Measures, see Glossary on pages 141 to 145.
3
The reference index is the blended comparator index comprised of three indices - the MSCI ACWI Select Metals & Mining Producers
Ex Gold and Silver IM (Mining), the MSCI World Energy Index (Traditional Energy) and S&P Global Clean Energy Transition Index
(Energy Transition) with a 40:30:30 mix of the three indices.
4
The Company was launched on 13 December 2005.
5
Further details are given in the Glossary on page 145.
Contents
Section 1: Overview and performance 5
Job No: 103107 Proof Event: 17 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Dear
Shareholder
As the Company reaches its 20th birthday and completes a full 5 years under the
new investment strategy, I am delighted to be able to report on another year of
strong performance and to reward our loyal shareholders with a new, enhanced
dividend policy. At the same time, in line with best practice, we are offering you
a chance to vote on the Continuation of the Company at its AGM in March, and
would urge you all to do so.
Market Overview
The year under review saw significant moves in global stock markets driven by
geopolitical events, in particular related to US trade tariff policy. Markets ended
the year higher, with the positive investment momentum linked to developments
in artificial intelligence (AI) and related infrastructure investment and earnings
upgrades for many associated companies. This additional infrastructure spend has
brought the supply of power and of critical raw materials and rare earth minerals
into sharp focus, and many clean power companies performed strongly following
US energy policy clarification with the passing of the One Big Beautiful Bill Act
(OBBBA). The Company’s ability to allocate to Energy Transition alongside mining
and Traditional Energy companies, has enabled it to benefit from this trend, and
exposure to Energy Transition stocks within the portfolio increased to 34.9% at the
year end from 29.2% at the start of the year.
In terms of the commodities and mining sectors, continued weak economic data
from China has been a headwind, although the increased demand for the metals
and minerals required to support these evolving technologies should support
prices. An ample global oil supply following increased oil production from a range
of new projects, has weighed on the oil price, albeit this has been tempered by
continuing geopolitical risks and strong refining margins. Another key feature of
global markets was the strong rise in the gold price, up 57.9%, and also in gold
equities.
In response to these developments, our portfolio managers marginally increased
Mining sector exposure (up from 40.2% at the start of the year to 41.6% at 30
November 2025) and reduced the weighting of Traditional Energy stocks within the
portfolio (down from 30.6% at the start of the year to 23.5% at the end of the year).
Performance
During the year ended 30 November 2025, the Company’s share price returned
28.8% and the net asset value (NAV) per share returned 23.5% (both percentages
in British Pound Sterling terms with dividends reinvested). The NAV out-turn
represented a substantial outperformance of the comparator index (which
returned 17.9%) for the third year in a row. The internal benchmark that the fund
manager and the board use to evaluate performance is a blended comparator
index which comprised three indices – the MSCI ACWI Select Metals & Mining
Producers Ex Gold and Silver IM (Mining), the MSCI World Energy Index
(Traditional Energy) and S&P Global Clean Energy Transition Index (Energy
Transition) with a 40:30:30 mix of the 3 indices. The representative constituent
indices returned 19.2% for Mining, 0.6% for Traditional Energy and 33.9% for
Energy Transition (all percentages in British Pound Sterling terms with dividends
reinvested).
Chairman’s statement
Adrian Brown
Chairman
Contents
6 BlackRock Energy and Resources Income Trust plc l Annual Report and Financial Statements 30 November 2025
Job No: 103107 Proof Event: 17 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Performance to 30 November 2025
1 Year
change
%
2 Years
change
%
3 Years
change
%
5 Years
change
%
Since
inception
2
%
NAV per share (with dividends reinvested)
1
23.5 42.5 25.7 144.0 344.7
Share price (with dividends reinvested)
1
28.8 46.8 24.4 155.2 310.1
Reference index
3,4
17.9 18.2 0.1 65.8 N/A
1
Alternative Performance Measures. Further details of the calculation of performance with dividends reinvested are given in the
Glossary on pages 141 to 145.
2
The Company was launched on 13 December 2005.
3
Reference index is the blended comparator index comprised of three indices – the MSCI ACWI Select Metals & Mining Producers
Ex Gold and Silver IM (Mining), the MSCI World Energy Index (Traditional Energy) and S&P Global Clean Energy Transition Index
(Energy Transition) with a 40:30:30 mix of the 3 indices.
4
Please note though, that the Company’s objectives are to achieve both an annual dividend target and, over the long term, capital
growth (see table above). Consequently, the Board does not formally benchmark performance against mining and energy sector
indices as meeting a specific dividend target is not within the scope of these indices. In addition, the S&P Global Clean Energy
Transition Index is not directly comparable but following recent changes is the best available proxy.
Source: BlackRock. Data as at 30 November 2025.
The portfolio’s holding in Abaxx Technologies was a significant positive contributor to overall returns in the year, the firm’s
role developing software and infrastructure for energy transition commodities trading benefitting from the growth of AI. This
is one of the portfolio’s less liquid holdings, and illustrates the benefit of the Company’s closed ended structure, allowing it
to hold material positions in such investments. Within the Mining portfolio, gold producers were also notable contributors to
performance on the back of the strong rise in the gold price. Our portfolio managers provide a detailed description of the main
contributors and detractors to performance during the period, insight into the positioning of the portfolio and their views on
the outlook for the forthcoming year in their report on pages 11 to 23.
Revenue return and dividends
The Company’s revenue earnings per share for the year to 30 November 2025 was 3.50 pence per share, a small decrease of
3.6% compared to the prior year revenue earnings per share of 3.63 pence. This was driven in part by an increased portfolio
exposure to Energy Transition companies, which tend to have a lower yield at this stage of their development.
The Board is cognisant of the importance of a reliable, steady income to its shareholders and aims to ensure that the dividend
is competitive. With this in mind, the Board announced in July 2025 that it was increasing the quarterly dividend target from
1.125 pence per share to 1.25 pence per share (an increase of 11.1%) for the remainder of the year to 30 November 2025.
Together with the two quarterly dividends of 1.125 pence per share already paid this financial year, this equates to a total
dividend of 4.75 pence per share in respect of the current financial year which represents a yield of 3.2% based on the share
price at 30 November 2025. The shortfall of 1.25 pence between earnings per share and the annual dividend target will be
funded out of the Company’s available revenue reserves (c£3.8 million (3.43 pence per share) at 30 November 2025).
In addition, as announced in July 2025, and with effect from 1 December 2025, the Board will target a dividend in each
financial year of the greater of (i) the total dividend per share in respect of the prior year, and (ii) at least 4% of NAV per share
at the end of the preceding financial year, which equates to a minimum dividend target for the year to 30 November 2026 of
6.6 pence per share. This will be paid in four quarterly installments, of 1.65 pence per share, representing a 38.3% increase
in the annual dividend over the 2024/2025 financial year. The first instalment is due to be announced and go ex-dividend in
March 2026 and will be paid in April 2026. The dividend will be met through a mix of dividend income from the portfolio and
revenue reserves, although this may be supported by the distribution of other distributable reserves if required.
This target represents a yield of 4.4% based on the share price of 150.00 pence at 30 November 2025, and 3.9% based on the
share price at the close of business on 2 February 2026.
Contents
Section 1: Overview and performance 7
Job No: 103107 Proof Event: 17 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
2024 2025
2026
(forecast)
Dividends paid/forecast for the financial year (pence) 4.50 4.75 6.6
Increase in dividends year-on-year 1.7% 5.6% 38.3%
Share price
1
121.00 150.00 168.00
Yield 3.7% 3.2% 3.9%
1
Based on the share price at 30 November 2024, 30 November 2025 and 2 February 2026, respectively.
The Company may also continue to write options to generate revenue return, although the portfolio managers’ focus is on
investing the portfolio to generate an optimal level of total return without striving to meet an annual income target and will
only undertake option transactions to the extent that the overall contribution is beneficial to total return.
This dividend target should not be interpreted as a profit forecast.
Gearing
The Company operates a flexible gearing policy which depends on prevailing market conditions. It is not intended that gearing
will exceed 20% of the gross assets of the Company. The maximum gearing used during the period was 13.9%, and the level of
gearing at 30 November 2025 was 4.0%. Average gearing over the year to 30 November 2024 was 7.1%. For calculations, see
the Glossary contained on pages 141 and 142.
Management of share rating
The Directors recognise the importance to investors that the Company’s share price should not trade at a significant premium
or discount to NAV, and therefore, in normal market conditions, may use share repurchases, sales of shares from treasury and
share issues to ensure that the share price is broadly in line with the underlying NAV. Discounts across the closed end funds
sector remained wide over the period under review, driven by ongoing uncertainty around interest rates, cost inflation and
global economic growth, and heightened by an accelerated stream of retail selling in the run-up to the UK Budget. Against this
challenging backdrop, the Company’s shares started the year under review trading at a discount of 12.1% and ended the year
at 8.7%, which compared favourably to a closed end fund sector average (excluding 3i) of 11.5% and an average for the AIC
Commodities and Natural resources peer group of 12.0% at 30 November 2025.
The Board stepped in to actively manage the discount, buying back 10,283,000 shares in the year under review at a cost of
£12,480,000. This discount management activity has continued since the year end, and up to 2 February 2026, the Company
repurchased 9,071,500 ordinary shares for a net consideration of £15,939,000. It is pleased to note that as at 2 February
2026, the Company's discount had narrowed further.
The Board’s objectives in exercising the buy back are to seek to minimise share price volatility and encourage the Company’s
share price to trade within as tight a range as possible, taking into account the various factors described above. Your Board
will continue to monitor the Company’s share rating and may deploy its powers to support it by issuing or buying back the
Company’s shares where it believes that it is in shareholders’ long-term best interests to do so.
Consumer Duty Value Assessment
The Manager has conducted an annual value assessment on the Company in line with FCA rules set out in the Consumer Duty
regulation. The assessment focuses on the nature of the product, including benefits received and its quality, limitations that
are part of the product, expected total costs to clients and target market considerations. Within this, the assessment considers
quality of services, performance of the Company (against both relevant reference indices and peers), total costs associated
with the product (including management fees and other operating costs), and also considers whether all consumers, including
vulnerable consumers, are able to receive fair value from the product.
The Manager has concluded that the Company is providing good value based on the above assessment.
Contents
8 BlackRock Energy and Resources Income Trust plc l Annual Report and Financial Statements 30 November 2025
Job No: 103107 Proof Event: 17 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Annual general meeting arrangements
The AGM will be held in person at 12:00 p.m. on Wednesday, 25 March 2026 at the offices of BlackRock at 12 Throgmorton
Avenue, London EC2N 2DL. The Board very much looks forward to meeting shareholders and we encourage you to attend
this year’s AGM. A buffet lunch and refreshments will be available to all shareholders joining us on the day, and the Board look
forward to meeting shareholders over lunch to discuss your views and to answer any questions you may have.
As I mention at the start of this report, there is a particularly important vote this year, on the Continuation of the Company
(Resolution 11). This gives you an opportunity to express your support (or not) for the Company’s current strategy. If
we fail to get your support, it could lead to the wind-up of the Company. The Board will be voting FOR Continuation
and, whether you can attend the AGM or not we urge you to vote. For those of you who hold shares via platforms,
voting is now free and relatively straightforward on many platforms, and information on how to vote can be found here:
https://www.theaic.co.uk/availability-on-platforms.
In the meantime, if shareholders would like to contact me, please write to BlackRock Energy and Resources Income
Trust plc, 12 Throgmorton Avenue, London EC2N 2DL, marked for the attention of the Chairman or email me at
Berichairman@georgeson.com.
Outlook
The Energy Transition remains a key megatrend for the global economy, and the rapid innovations in AI are driving even
greater power demands. Multiple energy solutions are likely to be needed to meet these requirements, with the commodity
intensive nature of renewables, EVs and battery storage driving increasing demand for critical raw materials such as lithium
from the Mining sector. The flexibility of your Company’s investment mandate, with the ability to shift exposure between
Mining, Traditional Energy and Energy Transition sectors, means that it is uniquely positioned to capitalize on these trends
and serve investors as these sectors evolve.
The Board is confident that the Company offers investors exposures which would be hard to replicate through passive indices
and remains well-placed to benefit from these key investment trends over the long term.
Adrian Brown
5 February 2026
Contents
Section 1: Overview and performance 9
Job No: 103107 Proof Event: 17 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Contents
Contents
Section 1: Overview and performance 11
Job No: 103107 Proof Event: 17 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Investment
Managers’
report
Market overview
The Company delivered a positive year in 2025, with a NAV return of 23.5% and share
price return of 28.8%, both of which were ahead of our reference index which returned
17.9%. This was achieved with decisive changes in the positioning of the Company
during the year, recognizing the impact of geopolitical events, particularly related to
US trade tariff policy and opportunity presented by significant moves in global stock
markets. The ability to gain exposure to selected energy transition companies played
an important factor in delivering returns. The Company’s decision five years ago, to
include energy transition alongside mining and Traditional Energy companies, was a
recognition of the major structural changes taking place in the global energy system.
The latest year’s performance builds on prior years and takes the Company’s five-year
NAV return to 144.0% and share price return to 155.2% (all percentages in British
Pound Sterling terms with dividends reinvested).
Over the year, global stock markets moved higher, with some of the largest
companies in the world continuing to see positive investment momentum, linked
to the buildout of artificial intelligence (AI) data centres needed for training new
large language models. A combination of US import tariff related uncertainty and
China’s announcement of a DeepSeek AI model contributed to a market sell-off in
April. However, trade agreements and announcements of further increases in AI
investment plans by US hyperscalers (large-scale cloud service providers) drove
further earnings upgrades for many associated companies, supporting a market
recovery.
Tom Holl Mark Hume
Within energy transition, Siemens Energy and GE Vernova both reported earnings
growth during the year, buoyed by increased demand for gas turbines for power genera-
tion, such as the Siemens Energy SGT5-4000F pictured.
PHOTO COURTESY OF SIEMENS ENERGY
Contents
12 BlackRock Energy and Resources Income Trust plc l Annual Report and Financial Statements 30 November 2025
Job No: 103107 Proof Event: 17 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
A focus on the large power requirements of AI and increased demand for critical raw materials necessary for today’s
technologies was evident throughout the year. US related clean power companies, which have faced numerous headwinds to
market sentiment in recent years, performed strongly following US energy policy clarification with the passing of the One Big
Beautiful Bill Act (OBBBA).
Increasingly, supply of power and of critical raw materials is viewed as a matter of national security, with the US government
taking stakes in companies seeking to build domestic supply chains. There appeared to be particular concern around the over-
reliance on China for refined production of a number of commodities. Certain rare earth minerals were subject to increased
restrictions during US-China trade talks, including those needed for powerful rare earth magnets (NdFeB magnets)
1
used
in electric vehicle (EV) motors, electronics, medical devices and other critical industrial and defence applications. The price
of copper and aluminium was well-supported, up 26.3% and 10.3% respectively. On the supply side, there has been major
production disruption at copper mines Kamoa-Kakula, Cobre Panama and a mudslide with tragic consequences at Grasberg in
Indonesia. Together these account for c.1.6mt of lost copper production, c.7% of global supply
2
.
Infrastructure spend has been underpinned by AI investment, whilst additionally in Europe, Germany announced a €500
billion infrastructure bill, of which €100 billion was allocated to climate and transition related investment.
Another key feature of global markets was the strong rise in the gold price, up 57.9% and also in gold equities. Elevated
government debt levels and risk of declining value of fiat currencies have been a primary driver, in our view. Silver ended the
period up 75.6%, after its price rallied through September and October as precious metals saw notable investor inflows in the
second half of the year.
Ample global oil supply following increased oil production from new projects in Guyana, Norway and expansion of US shale,
weighed on the oil price. OPEC’s decision to add back previously curtailed oil production to a well-supplied oil market
combined to put downward pressure on oil prices. Despite oil prices moving lower, energy equities were supported by
continuing geopolitical risks and strong refining margins. Oil demand remained resilient and in the second half of the year, the
International Energy Agency (IEA) revised upwards its oil demand forecasts for 2025 and for 2026
3
.
Performance range for the financial year 30 Nov 2024 to 30 Nov 2025
Financial year return over year to 30 Nov 2025
S&P Global Clean Energy Transition Index
MSCI World Energy Index
MSCI ACWI Metals & Mining Index
GSCI Soft Commodities
Copper
Brent Crude
Gold
Dollar Index
MSCI Emerging Equities
MSCI Developed Equities
U.S. 10-year Treasury
-30% -20% -10% 0% 10% 20% 30% 40% 50% 60%
Figure 1: Performance of selected assets
Past performance is not a reliable indicator of current or future results. Indexes are unmanaged and do not account for fees. It is not
possible to invest directly in an index.
Sources: BlackRock with data from LSEG Datastream as at 30 November 2025.
1
NdFeB: Neodymium-Iron-Boron magnet is the strongest type of permanent magnet commercially available.
2
International Copper Study Group (ICSG) “Copper Market Forecast 2025/2026” Ivanho Mines June 2025, Reuters May 2025 and
September 2025.
3
IEA Oil market report, November 2025.
Contents
Section 1: Overview and performance 13
Job No: 103107 Proof Event: 17 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Commodity
30 November
2025
30 November
2024 % change
2025 on 2024
Average Price %
Change
1
Base Metals (US$/tonne)
Aluminium 2,842 2,577 10.3% 8.8%
Copper 11,234 8,892 26.3% 6.5%
Lead 1,939 2,048 -5.3% -5.2%
Nickel 14,632 15,671 -6.6% -10.1%
Tin 39,284 28,695 36.9% 11.0%
Zinc 3,280 3,109 5.5% 4.5%
Precious Metals (US$/ounce)
Gold 4,200 2,659 57.9% 41.1%
Silver 54 31 75.6% 33.8%
Platinum 1,640 940 74.5% 25.4%
Palladium 1,448 983 47.3% 10.2%
Energy
Oil (West Texas Intermediate) (US$/barrel) 59 68 -14.2% -13.4%
Oil (Brent) (US$/barrel) 64 74 -13.6% -14.2%
Natural Gas (US$/Metric Million British Thermal Unit) 5 3 35.4% 57.2%
Bulk Commodities (US$/tonne)
Iron ore 107 106 0.8% -9.1%
Coking coal 198 205 -3.5% -24.7%
Thermal coal 111 142 -21.5% -20.7%
Equity Indices
MSCI ACWI
2
Metals & Mining Index (US$) 1,616 1,301 24.2% -1.6%
MSCI ACWI
2
Metals & Mining Index (£) 1,986 1,666 19.2% -4.2%
MSCI
3
World Energy Index (US$) 536 511 4.8% 2.3%
MSCI World Energy Index (£) 673 669 0.6% -0.3%
S&P Global Clean Energy Transition Index (US$) 1,586 1,132 40.1% -3.2%
S&P Global Clean Energy Transition Index (£) 1,197 891 34.3% -5.9%
Source: LSEG Datastream and Bloomberg.
1
Average Price % Change (Average of 1/12/23-30/11/24 to 1/12/24-30/11/25).
2
Morgan Stanley Capital International All Country Weighted Index.
3
Morgan Stanley Capital International.
Contents
14 BlackRock Energy and Resources Income Trust plc l Annual Report and Financial Statements 30 November 2025
Job No: 103107 Proof Event: 17 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Investment performance
The Company’s portfolio delivered a NAV return of 23.5% for the year with strong absolute performance from the Mining and
Energy Transition sectors and a flat return from the Traditional Energy sector. This result was a pleasing turnaround from the
negative return at the half-year stage, which was impacted by US tariff related uncertainty and demonstrates the scale of the
market moves over the year.
The ability to actively invest across the mining, energy and energy transition sectors enabled the portfolio to benefit from
market volatility over the year, particularly via increased allocation to selected companies within the energy transition sector. A
combination of fundamental stock decisions and asset allocation changes contributed positively to returns.
Within the energy transition holdings, Siemens Energy and GE Vernova reported earnings growth and benefitted from an
upwards re-rating in their valuations. They reported increased demand for gas turbines for power generation, with earnings
expectations raised throughout the year. Power cable company Prysmian also reported earnings ahead of consensus
expectations, supported by a need to connect increased renewable energy projects to the power grid. The Company
participated in capital raises by Elia and SSE and both contributed positively to returns. A private share placing by Elia, a
German/Belgian power network business, was part of a €2.2 billion funding package to support its grid investment plans,
whilst UK utility SSE raised equity as part of an accelerated growth program. Both capital raises were received well by the
market, and the shares subsequently rose.
Within the portfolio’s mining holdings, gold producers Firefly Metals, Kinross Gold and gold royalty company Wheaton
Precious Metals were notable contributors, each displaying positive beta to the rise in the gold price. The portfolio’s overweight
position in Brazilian iron ore producer Vale contributed positively to returns as the company’s share price rose with strong
cash flow generation, due to higher iron ore output with lower-than-expected cash costs. Lynas Rare Earths is one of the few
rare earth producers outside of China and benefitted from higher rare earth prices and positive market sentiment towards
the sector, following the US government’s stake in rare earths company MP Materials. The Company’s holding in European
cement group Heidelberg Materials contributed to returns with expectations raised following new infrastructure investment
Cable specialist Prysmian also reported earnings ahead of expectations. The company manufactures underground and submarine
cables for use in power transmission and distribution, as well as medium and low voltage cables for construction and infrastructure.
PHOTO COURTESY OF PRYSMIAN
Contents
Section 1: Overview and performance 15
Job No: 103107 Proof Event: 17 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
announcements from the EU and Germany. Validation of Abaxx Technologies’ digital commodities and carbon exchange saw
its share price rise strongly with the stock the largest positive contributor to overall returns.
On the negative side, the notable detractors to return included a number of Traditional Energy companies. US shale oil
producer Permian Resources fell due to lower oil prices and pipeline and energy distribution companies Targa Resources and
Cheniere, as market expectations for increased LNG supply weighed on forward price expectations.
Within mining exposure, an operational incident at Freeport McMoRan’s Grasberg mine in Indonesia led the company to guide
the market that it was unlikely there would be any significant production from the asset for the remainder of the year, with a
phased restart planned from 2026 through to 2027. This incident caused the stock to fall 5.3% during the period and detract
from returns. For context, the mine accounted for 3.5% of global supply in 2024. This added to current disruption at other
major copper mines, Kamoa-Kakula and Cobre Panama.
Figure 2: Gross sector positioning:
120%
100%
80%
60%
40%
20%
0%
-20%
Jun-20
Aug-20
Oct-20
Dec-20
Feb-21
Apr-21
Jun-21
Aug-21
Oct-21
Dec-21
Feb-22
Apr-22
Jun-22
Aug-22
Oct-22
Dec-22
Feb-23
Apr-23
Jun-23
Aug-23
Oct-23
Dec-23
Feb-24
Apr-24
Jun-24
Aug-24
Oct-24
Dec-24
Feb-25
Apr-25
Jun-25
Aug-25
Oct-25
Mining Conventional Energy Energy Transition Gearing/net cash
20%
15%
10%
5%
0%
-5%
-10%
-15%
-20%
Jun-20
Sep-20
Dec-20
Mar-21
Jun-21
Sep-21
Dec-21
Mar-22
Jun-22
Sep-22
Dec-22
Mar-23
Jun-23
Sep-23
Dec-23
Mar-24
Jun-24
Sep-24
Dec-24
Mar-25
Jun-25
Sep-25
Mining
Conventional Energy
Energy Transition
Source: BlackRock. Data as of 30 November 2025.
Figure 3: Relative to neutral sector weights: (40%-30%-30%) on a gross basis
Source: BlackRock. Data as of 30 November 2025.
Contents
16 BlackRock Energy and Resources Income Trust plc l Annual Report and Financial Statements 30 November 2025
Job No: 103107 Proof Event: 17 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Portfolio activity
Looking across the three sectors, exposure to Traditional Energy was reduced throughout the year, on an expectation that a
well-supplied oil market would see oil prices trade lower. Exposure to exploration & production companies was significantly
reduced, as these companies may typically be expected to prove less defensive in a softer oil price environment. Exposure to
selected oil majors was increased due to their combination of strong balance sheets and diverse businesses across oil and
gas production, trading and refining. New purchases included TotalEnergies and Chevron, whilst Galp and Repsol were added
given their relative exposure to refining, where margins continue to be well-supported.
Exposure to Energy Transition was meaningfully reduced through January and February before being significantly increased
with the passing of the OBBBA and clarification around US energy policy. Exposure to US renewables was increased via
additions to First Solar and a new purchase of EDP Renewables. Exposure to power grid infrastructure was increased with new
purchases in cable group Nexans, and selected utility companies. Exposure to energy storage and power management was
also increased. Exposure to Energy Transition related industrial companies was significantly reduced where valuations had
increased significantly.
Within Mining we maintained a positive outlook for gold producers, given the supportive factors we see as underpinning the
gold price, coupled with a benign energy cost environment, which should lead to strong conversion of earnings to cash flow.
Exposure to copper producers was maintained over the year, however a number of smaller producers were sold as valuations
expanded with the increase in the copper price, whilst the incident at Grasberg led us to exit Freeport, given uncertainty over
a production restart. We purchased Rio Tinto, which has copper exposure alongside its large iron ore business and where new
management appeared to support a disciplined approach to growth investment.
Portfolio income
From a portfolio income perspective, the increase in allocation to companies within the Energy Transition area and a
reduction in exposure to conventional energy companies, contributed to the slight fall in portfolio income over the year.
Energy Transition companies, including wind turbine manufacturers, or solar panel manufacturers may typically have lower
dividend payments than integrated oil companies and midstream energy pipeline companies. Commodity price movements
and therefore implications for earnings of the commodity producers were mixed, with lower oil prices impacting on earnings
and dividends for energy companies, whilst higher metal prices were broadly positive for earnings and dividends of mining
companies.
We have previously noted that British Pound Sterling has strengthened versus the US Dollar and this trend has continued
in 2025. This will act as a headwind for the Company’s income generation in British Pound Sterling terms as most of the
dividends from the underlying portfolio companies are paid in US Dollars.
Gearing was reduced through the first half of the reporting period due to trade tensions giving rise to an uncertain outlook for
economic growth.
Traditional Energy
Traditional Energy companies delivered flat returns over the period, where the Company’s holdings returned 0.0% compared
to 1.5% for the Traditional Energy portion of the benchmark.
Energy markets have contended with clear oversupply through 2024 and 2025, with the oil price trending down, however,
during this down trend, there have been periods when the oil price has risen, due to geopolitical risk. Events in the Middle
East have been notable contributors to these risk spikes, particularly with the targeted attacks on Iran’s nuclear facilities in
early June. The Russia-Ukraine conflict has seen certain energy related assets targeted in drone and missile attacks. As risk
of escalation or impact has faded, so has the oil price. We noted in the half-yearly report, that the Oil and Petroleum Exporting
Countries (OPEC) plus countries had changed their behaviour from curtailing production to support higher oil prices, to
steadily increasing oil production to maintain market share. US shale oil producers include a number of higher-cost oil
producers, which means they are typically the marginal producer – willing to increase drilling activity under higher oil prices
and to curtail activity if prices fall below the cost of drilling. In our view, a sub-$60/barrel oil price is having an impact on the
drilling decisions of US shale companies, with the number of drilling rigs reducing.
Contents
Section 1: Overview and performance 17
Job No: 103107 Proof Event: 17 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
120
100
80
60
40
20
0
1995
2000
2005
2010
2015
2020
2025
2030
2035
2040
2045
2050
History
IEA Current Policies Scenario
BP EO 25
BP EO 24
BP EO 23
Figure 4: Global oil demand forecasts
Source: IEA Energy Outlook 2025, BP Energy Outlook, Current trajectory EO 2024/25), New momentum (EO 2023)
On the demand side, there are several key trends. We remain in an oil-based global economy with oil demand linked to global
economic growth and with the exception of the impact from Covid in 2020, global economic growth and oil demand has
continued to be positive. China and increasingly, also India, are key oil demand growth markets, whilst oil demand in a number
of developed markets has already peaked. The electrification of transport is beginning to impact, already estimated to be
reducing oil demand by c.1.5mbpd
4
, with EV sales rapidly expanding year on year.
The resilience of oil demand growth has been underestimated in recent years, as shown by Figure 4 and the upward revisions
to future oil demand. In part, recognizing this challenge, in its latest Energy Outlook, the IEA introduced a new “current policies
scenario”, which forecast that this could continue to increase from c.100mbpd in 2024 to 105mbpd in 2035 and to 113mbpd
by 2050. Other scenarios suggest oil demand may peak in the 2030s. Either scenario requires continued investment in new oil
production, beyond the level we see today, to meet expected demand, in our view.
Source: LSEG Datastream data 30/6/2023-30/11/2025. Gasoline margins: New York Harbor Conventional Gasoline Regular Spot
Price – Brent oil spot price, Diesel margins: New York Harbor Ultra-Low Sulfur New Orleans 2 Diesel Spot Price – Brent oil spot price.
Figure 5: US gasoline and diesel refining margins have remained elevated
$1.20
$1.00
$0.80
$0.60
$0.40
$0.20
$0.00
Nov-24
Dec-24
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Jan-25
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Oct-25
Oct-25
Nov-25
Nov-25
Nov-25
US gasoline margin US diesel margin
Margins in US$ per US gallon
4
Bloomberg NEF EV Outlook 2025.
Contents
18 BlackRock Energy and Resources Income Trust plc l Annual Report and Financial Statements 30 November 2025
Job No: 103107 Proof Event: 17 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
We are beginning to see some energy companies re-focus investment on longer duration wells, in addition to US shale oil.
We expect this to be positive for certain offshore oilfield services companies that have retained expertise in those areas.
Investment in liquified natural gas (LNG) may see large capacity additions each year out to 2030, to support increased
demand from large energy importers including Europe, China and Japan. The Company has exposure to LNG specialists along
the supply chain, from midstream pipeline companies to the necessary oilfield services companies and to specialists in LNG
storage.
Energy Transition
Energy Transition companies have delivered positive returns over the period, where the Company’s holdings returned 23.4%
compared to 34.6% for the energy transition portion of the benchmark.
Developed market power demand has seen a prolonged period of stagnation and as we commented on in last year’s report,
we believe that we are now seeing a positive inflection in power demand, driven by rapidly increasing adoption of AI and
electrification and reshoring of manufacturing.
One of the key changes we have seen this year is clarity on US energy policy post the OBBBA, which removes a major headwind
to energy related investment, in our view. Policy clarity, combined with the catalyst of AI electricity demand requirements
and an expectation of lower interest rates, are likely supportive for energy transition related investments. In Europe there is
the added factor of a need to continue to focus on energy security, following the energy crisis in 2022. For US renewables
companies, we see confirmation that US production tax credits would continue for US utility scale projects, coupled with
import restrictions on lower cost solar panels, as providing a strong market backdrop for selected US renewables companies
selling into the domestic market. We continue to see the Chinese solar market as oversupplied.
70
60
50
40
30
20
10
0
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025E
2026E
2027E
2028E
2029E
2030E
mtpa
Capacity addition Production growth
Figure 6: Rapid growth in LNG supply expected given new capacity additions
~60%+ growth in LNG supply projected by 2030. Annual increase in LNG production / capacity in mtpa
Source: Goldman Sachs Investment Research “Top Projects 2025” Report. There is no guarantee that any forecasts made will come to
pass.
The Company remains defensively positioned for a $50-60/bbl oil price in the near term. However, resilient oil demand is
evident by the strong refining margins shown in Figure 5, which are at exceptionally high levels and it may be possible that by
mid-2026, the outlook for oil appears significantly tighter, with OPEC spare production capacity back to lower levels.
Contents
Section 1: Overview and performance 19
Job No: 103107 Proof Event: 17 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
1800
1600
1400
1200
1000
800
600
400
200
0
2020 2025e 2030e 2035e
US China Europe Rest of World
Figure 7: Power demand from data centres expected to double by 2030 and more than treble by 2035
Global data centre power demand with forecast to 2035
Source: Bloomberg New Energy Finance 16/9/2025, chart by BlackRock. For illustrative purposes only. There is no guarantee that any
forecasts made will come to pass.
Companies are racing to scale the intelligence of AI models as quickly as possible and AI data centres are capital and energy
intensive. The AI arms race is as much an energy arms race. It is estimated that c.7 GigaWatt (GW) of new global data centre
capacity will be built in 2025
5
, with 1GW roughly equating to the output of a nuclear power station. S&P Global Energy
estimate that by 2028, up to 44GW of additional capacity will be required by new data centres. Powering this computing
requires an all-of-the-above energy solutions and it will therefore benefit all forms of power generation. We have already seen
agreements to restart the Three Mile Island nuclear power station in 2027/28 and a large increase in orders for combined
cycle gas turbines, but the reality is that renewable energy solutions, primarily solar + storage, are the quickest and cheapest
way to meet growing power needs.
Data centres represent 4% of US power demand today but are likely to represent double digits, potentially as much as 15-20%
of US power demand by 2030. This means the power supply chain is increasingly likely to be the bottleneck in the data centre
ambition.
$300
$250
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$150
$100
$50
$0
US$ Bn
104.0
113.1
123.8
134.1
171.9
207.9
231.4
248.4
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025e 2026e 2027e 2028e 2029e
Figure 8: US electricity utilities capital expenditures are forecast to rise
EEI data for US investor-owned electric utilities (Distribution, transmission, generation, other)
Source: EEI.org, 7/10/2025
5
The Network Installers, 8/10/2025.
Contents
20 BlackRock Energy and Resources Income Trust plc l Annual Report and Financial Statements 30 November 2025
Job No: 103107 Proof Event: 17 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
This power demand is manifesting itself in the form of increased grid infrastructure spending, whereby latest forecasts show
a material step up, in order to meet this rising demand and connect new sources of generation. Whilst much of investor
focus has been on the computing power required to train AI models, we believe the power demand aspect may be less well
understood. We continue to see investment opportunities related to the power grid, especially given that valuations for many
of the companies have been relatively less impacted so far.
Mining
Mining companies have delivered strong positive returns over the period, where the Company’s holdings returned 30.8%
compared to 19.3% for the mining portion of the benchmark.
Demand for various critical raw materials is forecast to increase, driven by the prominent technological growth trends
previously mentioned: artificial intelligence, renewable energy, energy storage and electric vehicles. Given supply constraints,
we see potential for certain metals to deliver higher-than-anticipated prices, to bring about increased supply and for this
outcome to drive better-than-expected earnings for producers.
Capital discipline by the mining industry over the decade means that we see relatively limited scope for copper supply growth,
yet with copper a key metal in many of today’s technologies, as highlighted in Figure 9, demand growth may outstrip supply.
If the world’s copper demand rises as forecast, by over 3 million tonnes by 2028, we will require the equivalent again of the
current top 5 copper producing mines in the world
6
. Metals that may be substitutes for copper in certain applications may also
see increased demand, including aluminium. China has placed restrictions on aluminium exports, which may further tighten
the industrial metals space.
2021 2022 2023 2024
+3mt
2025e 2026e 2027e 2028e
18000
16000
14000
12000
10000
8000
6000
4000
2000
0
Grid EVs Renewables ESS Data centres
Forecast increase in
demand
Figure 9: Power grids and clean-tech forecast to drive +3mt increase in demand for copper by 2028.
Global copper demand from power grids and clean tech
Source: Morgan Stanley Research, December 2025. For illustrative purposes only. There is no guarantee that any forecasts made will
come to pass.
6
Morgan Stanley Research, December 2025.
Critical raw materials were in focus throughout the year, where demand for various metals and minerals is increasing, driven
by prominent technological growth trends: artificial intelligence, renewable energy, energy storage and electric vehicles.
Certain rare earth minerals were subject to increased restrictions during US-China trade talks, including those needed for
powerful rare earth magnets (NdFeB magnets) used in EV motors, electronics, medical devices and other critical industrial
and defence applications. The US Government announced direct investment in rare earth minerals group MP Materials, which
was supportive for other rare earth producers, including the Company’s position in Lynas Rare Earths, which returned 103%
over the year.
Contents
Section 1: Overview and performance 21
Job No: 103107 Proof Event: 17 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
0 20 40 60 80 100 120 140 160 180 200
Battery storage
Nuclear
Solar PV
Wind (onshore)
Wind (offshore)
Copper Lithium Nickel Manganese Cobalt Graphite Molybdenum Zinc Rare earths Silicon
Figure 10: The energy transition is metals intensive
Measured in kilograms per gigawatt-hour (GWh) of power generation (excludes steel and cement)
Source: Seaver Wang et al. (2024). Updated Mining Footprints and Raw Material Needs for Clean Energy, processed by Our World in
Data.
China is the largest source of demand for many mined commodities. Whilst Chinese property related development remains at
lower levels, other industries have seen commodity demand increase, for example the continued rapid build out of renewable
power, solar and onshore wind and the growth in Chinese EV manufacturing. Global solar power capacity added in 2024 was
c.600GW, of which c.330GW was installed in China
7
.
The mining industry is faced with the challenge of meeting the increased demand for the metals and minerals, given the
materials intensity of today’s technologies. In order to do this, the commodity price needs to be sufficient to incentivise new
production capital expenditure.
Valuations of mining companies are at a level where it typically remains cheaper to buy production than to build a new mine
and we see this as supporting mergers and acquisitions in the sector. For example, Anglo American announced a bid for Teck
Resources, during the year to create a leading global copper producer.
Gold rose strongly through the year, +58%, with performance primarily been driven by the “risk aversion towards currencies”
in our view. Investors and central banks have sought gold as a hedge against the declining value of paper currencies,
impacted by high government debt to fund expanding commitments. The debt to GDP ratio has passed 100% in several major
economies: US, UK, Italy, France, Canada with interest payments on the debt rising now that interest rates are no longer close
to zero. Inflation remains above central bank targets, contributing to an erosion of purchasing power of currency. For central
banks and investors seeking to diversify away from the US Dollar, gold may have appeared attractive.
We entered 2025 with a positive view on gold equities, in contrast with 2024 where a more cautious view was held. The
difference was due to the cost environment for gold producers: where we saw higher costs impacting on profit margins in
2024, by 2025, energy prices were moving lower. Other costs such as raw materials and labour inflation appeared to be past
recent higher levels, and we expected higher gold prices to translate to higher cash flows. The move in the gold price was
greater than expected, and this outlook proved correct, with companies returning increased cash flow to shareholders via
dividends and share buybacks. Gold producers are not part of the reference index and contributed to relative performance.
7
Solar Power Europe, May 2025.
Contents
22 BlackRock Energy and Resources Income Trust plc l Annual Report and Financial Statements 30 November 2025
Job No: 103107 Proof Event: 17 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
2017
2018
2019
2020
2021
2022
2023
2024
2025E
Margins in US$/oz
FCF Margin
Gold miner costs Gold price
Figure 11: Gold miners are seeing increased cash flows
Gold miner costs versus the gold price for 2017-2025E
For illustrative purpose only. There is no guarantee that any forecasts made will come to pass.
Source: Global Mining Research. Gold price in 2025 based on actual 3Q 2025 and spot ahead. November 2025. Gold miner costs
include total cash cost, all in sustaining cost (AISC), all in cost and free cash flow cost breakeven.
Gold producers have the ability to add value though new production and operational efficiency, in addition to benefitting
from a higher gold price and following the moves in 2025 we see a need to focus on those companies able to maintain capital
discipline, in order that profitability is maintained.
Outlook
The build out of AI data centres and the necessary supporting infrastructure has grabbed many headlines, with strong
performance from a number of perceived beneficiaries. The build out of AI infrastructure means a shift toward capital intensive
investment and comes on top of existing electrification trends. We expect power demand to be met via multiple energy
solutions, however renewables plus battery storage look to be a key part of the solution to meeting the near-term power needs
and are also recovering from previously depressed valuation levels.
The commodity intensive nature of renewables, EVs and battery storage is positive for demand trends for critical raw materials.
A new focus on security of supply may support pricing in certain materials to incentivise domestic supply chains. Near term,
the mining sector faces a headwind of uncertainty surrounding China’s economy, however this has been more than offset by
tight supply in a number of metals, including copper, which has resulted in higher commodity prices. That said, the country’s
anti-involution measures, which aim to reduce the negative effect from overcapacity in the domestic market, could be a
cause for optimism, whilst trade relations with the US remain at risk. On the supply side, capital discipline of recent years
means a lack of shovel-ready projects to meet demand, and this is likely to drive further M&A activity as companies seek to
add production at lower cost than developing a new mine. Gold producer equities look attractive in our view, where analyst
expectations do not appear to reflect current gold prices and investors have only recently begun to add exposure.
Contents
Section 1: Overview and performance 23
Job No: 103107 Proof Event: 17 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Amidst a strong bout of non-OPEC growth, and assuming current production rates from OPEC+ are maintained, global oil
markets look significantly oversupplied as we head into the first half of calendar 2026. In the absence of any meaningful changes
in supply, we see oil prices having to slide lower to help balance markets in the first half of the year. However, with US oil rig
counts already down 20% from an April 2025 peak of 450 (and peak of 572 in 2022), we expect US shale oil growth to reverse
through the course of next year. Combined with a slowdown in new project start-ups from non-OPEC countries, global balances
should tighten again in the latter part of 2026. Importantly, as we look into the period beyond 2026 we believe supply growth will
need to come from increasingly higher cost regions. As demand remains resilient, oil prices will need to rise to incentivise some
combination of higher supply and/or lower demand. Production companies with asset duration will fare well in this environment
and a new cycle of upstream investment will benefit well-positioned oilfield services companies in the years ahead. Geopolitical
risk was a feature immediately following the Company's financial year-end, supporting oil prices, with US naval build up offshore
Venezuela and a blockade of sanctioned oil tankers ahead of the removal of President Maduro from power by the US.
Tom Holl and Mark Hume
BlackRock Investment Management (UK) Limited
5 February 2026
Contents
Contents
Job No: 103107 Proof Event: 15 Black Line Level: 5 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Section 2: Portfolio 25
Portfolio
Abaxx Technologies was the portfolio’s largest holding at year end and
the greatest contributor to overall returns. The firm develops software
and infrastructure for energy transition commodities trading.
Contents
26 BlackRock Energy and Resources Income Trust plc l Annual Report and Financial Statements 30 November 2025
Job No: 103107 Proof Event: 13 Black Line Level: 5 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Distribution of investments
as at 30 November 2025
Asset allocation – Geography
Global¹ 53.2%
United States 14.1%
Brazil 6.2%
Canada 6.1%
Germany 5.0%
United Kingdom 3.9%
Italy 2.8%
France 1.6%
Africa 1.5%
Spain 1.5%
Morocco 1.1%
Australia 1.0%
Latin America
2
0.8%
South Africa 0.7%
Ireland 0.5%
Source: BlackRock.
1
Global relates to companies having businesses and operations in multiple countries and territories.
2
Latin America represents Argentina.
Asset allocation – Commodity/sub-sectors
Mining 41.6%
Energy Transition 34.9%
Traditional Energy 23.5%
Integrated 11.8%
Oil Services 4.7%
Exploration & Production 3.5%
Refining & Marketing 1.8%
Distribution 1.7%
Electrification 12.9%
Renewables 12.7%
Storage 5.3%
Energy Efficiency 4.0%
Diversified 25.0%
Gold 5.0%
Copper 4.0%
Industrial Minerals 2.9%
Steel 1.1%
Silver 1.1%
Aluminium 1.1%
Platinum Group Metals 0.7%
Metals & Mining 0.4%
Energy Transition 34.9%
Traditional Energy 23.5%
Mining 41.6%
Nickel 0.3%
Source: BlackRock.
Contents
Section 2: Portfolio 27
Job No: 103107 Proof Event: 15 Black Line Level: 5 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
10
7
4
1
9
6
3
8
5
2
PHOTOS COURTESY OF VALE, ANGLO AMERICAN, SHELL VISUAL CONTENT TEAM, SIEMENS ENERGY, GLENCORE, SSE, PRYSMIAN.
1
Section 2: Portfolio 27
Contents
28 BlackRock Energy and Resources Income Trust plc l Annual Report and Financial Statements 30 November 2025
Job No: 103107 Proof Event: 13 Black Line Level: 5 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Ten largest
investments
1
Abaxx Technologies (2024: 30th)
Diversified mining group
Market value: £14,259,000
Share of investments: 7.5%
1
(2024: 1.3%)
A financial software and market infrastructure company focused on developing technology for global commodity
exchanges and digital marketplaces, which owns and operates Abaxx Exchange and Abaxx Clearing.
2
Vale (2024: 8th)
Diversified mining group
Market value: £11,830,000
Share of investments: 6.2%
2
(2024: 2.8%)
One of the largest mining groups in the world, with operations in 30 countries. Vale is the world’s largest producer
of iron ore and iron ore pellets, and the world’s largest producer of nickel. The group also produces manganese ore,
ferroalloys, metallurgical and thermal coal, copper, platinum group metals, gold, silver, cobalt, potash, phosphates and
other fertiliser nutrients.
3
Anglo American (2024: 1st)
Diversified mining group
Market value: £8,514,000
Share of investments: 4.5% (2024: 4.6%)
A global mining group. The group’s mining portfolio includes bulk commodities including iron ore, manganese,
metallurgical coal, base metals including copper and nickel and precious metals and minerals such as platinum and
diamonds. Anglo American has mining operations globally, with significant assets in Africa and South America.
4
Chevron Corporation (2024: n/a)
Integrated oil group
Market value: £8,427,000
Share of investments: 4.4% (2024: n/a)
One of the world’s largest publicly listed globally integrated energy companies. With core assets in the prolific Permian
Basin of West Texas, and a large position in the world-class Guyana Stabroek license, the company has ample duration
and quality across its portfolio. Following the completion of the Hess merger in 2025, the company has also embarked
on a substantive cost reduction program which should help deliver further margin accretion in the years ahead.
5
Shell (2024: 4th)
Integrated oil group
Market value: £6,488,000
Share of investments: 3.4% (2024: 2.9%)
One of the largest integrated energy companies globally with five main operating segments: Integrated Gas, Upstream,
Marketing, Chemicals and Products, and Renewables and Energy Solutions. The company has a high quality, gas/liquified
natural gas (LNG)-weighted portfolio.
Together, the Company’s ten largest investments represented 41.3% of the Company’s portfolio as at
30 November 2025 (2024: 32.5%)
1
5.1% relates to interest in fixed income investments which is unlisted and held at fair value.
.
2
1.3% relates to interest in Vale shareholder debentures.
Contents
Section 2: Portfolio 29
Job No: 103107 Proof Event: 15 Black Line Level: 5 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
6
Siemens Energy (2024: 55th)
Renewables
Market value: £6,417,000
Share of investments: 3.4% (2024: 0.6%)
Spun out of Siemens AG in 2020, Siemens Energy is one of the world’s leading energy technology companies. Its business
spans conventional (gas turbines) and renewable (wind turbines) power generation as well as grid and transmission/
distribution equipment such as transmission gear, transformers, switchgear and grid integration. As the world continues
on a multi-decade path towards electrification, the company is in a strong position to deliver bespoke solutions to its end
customers.
7
Glencore (2024: 10th)
Diversified mining group
Market value: £6,012,000
Share of investments: 3.2% (2024: 2.7%)
One of the world’s largest diversified natural resource companies and a leading producer and marketer of more than
60 commodities, operating an integrated mining, processing, logistics and trading platform across over 35 countries.
Leveraging sizable positions in copper, cobalt, nickel, zinc and other transition metals alongside a cash generative coal
business, the group is increasingly orienting its portfolio toward materials critical to global electrification while using its
scale and marketing expertise to capture value across the commodity supply chain.
8
SSE (2024: 46th)
Renewables
Market value: £5,753,000
Share of investments: 3.0% (2024: 0.9%)
A leading energy company in the UK and Ireland, focused on electricity networks and renewable energy generation and
is a major player in onshore and offshore wind, hydro power, and electricity transmission and distribution networks.
9
First Solar (2024: 50th)
Renewables
Market value: £5,483,000
Share of investments: 2.9% (2024: 0.8%)
First Solar manufactures photovoltaic (solar PV) modules for large-utility scale projects. With a large domestic
manufacturing and supply chain footprint, the company looks set to benefit from the ongoing reindustrialisation and
power demand growth in the United States.
10
Prysmian (2024: 19th)
Storage
Market value: £5,327,000
Share of investments: 2.8% (2024: 1.9%)
Headquartered in Italy, Prysmian is the world’s largest cable manufacturer by sales. The company provides high voltage
direct and alternating current (HVDC and HVAC) cabling to connect large scale power generation facilities to electric
grids. The company specialises in high-voltage and subsea cables positioning it well for the continued electrification of
the world’s global power system.
All percentages reflect the value of the holding as a percentage of total investments.
Arrows indicate the change in relative ranking of the position in the portfolio compared to its ranking as at 30 November 2024.
Percentages in brackets represent the value of the holding as at 30 November 2024.
Contents
30 BlackRock Energy and Resources Income Trust plc l Annual Report and Financial Statements 30 November 2025
Job No: 103107 Proof Event: 13 Black Line Level: 5 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Investments
as at 30 November 2025
Main
geographic
exposure
Market
value
£’000
% of
investments
Mining
Diversified
Abaxx Technologies 7.0% 21/03/2028 - convertible debtentures
1,2
Global 9,754
}
7.5
Abaxx Technologies Global 4,505
Vale Brazil 9,351
}
6.2
Vale Debentures
3,4
Brazil 2,479
Anglo American Global 8,514 4.5
Glencore Global 6,012 3.2
Rio Tinto Global 3,587 1.9
Teck Resources Global 1,706 0.9
BHP Global 1,459 0.8
47,367 25.0
Gold
Firefly Metals Canada 3,692 1.9
Wheaton Precious Metals Global 2,705 1.4
Allied Gold Corporation 8.75% 07/09/2028
4
Africa 2,016 1.1
Kinross Gold Global 1,174 0.6
9,587 5.0
Copper
Freeport-McMoran United States 2,270 1.2
Foran Mining Canada 1,592 0.8
Ngex Minerals Latin America 1,507 0.8
Ivanhoe Electric United States 1,474 0.8
First Quantum Minerals Global 763 0.4
LunR Royalties
1,2
Canada 5 –
7,611 4.0
Industrial Minerals
Heidelberg Materials Global 1,920 1.0
Lynas Corporation Australia 1,892 1.0
Albemarle Global 1,768 0.9
5,580 2.9
Steel
ArcelorMittal Global 2,083 1.1
2,083 1.1
Silver
Aya Gold & Silver Morocco 2,057 1.1
2,057 1.1
Aluminium
Hydro Global 2,003 1.1
2,003 1.1
Platinum Group Metals
Valterra Platinum South Africa 1,423 0.7
1,423 0.7
Metals & Mining
Ivanhoe Mines Africa 835 0.4
835 0.4
Contents
Section 2: Portfolio 31
Job No: 103107 Proof Event: 15 Black Line Level: 5 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Main
geographic
exposure
Market
value
£’000
% of
investments
Nickel
Lifezone Metals Global 656 0.3
656 0.3
Uranium
Cameco Canada 25 –
25 –
Total Mining 79,227 41.6
Energy Transition
Electrification
EDP Renováveis Global 5,270 2.8
RWE Germany 4,758 2.5
Centerpoint Energy United States 3,993 2.1
Nexans France 2,965 1.6
Spie Global 2,246 1.2
Centrica United Kingdom 1,716 0.9
Talen Energy United States 1,298 0.7
Vistra United States 1,080 0.6
Howmet Aerospace United States 880 0.5
24,206 12.9
Renewables
Siemens Energy Global 6,417 3.4
SSE United Kingdom 5,753 3.0
First Solar Global 5,483 2.9
Vestas Wind Systems Global 5,038 2.6
Grenergy Renovables Spain 1,429 0.8
24,120 12.7
Storage
Prysmian Italy 5,327 2.8
Elia Group Germany 4,759 2.5
10,086 5.3
Energy Efficiency
Schneider Electric Global 3,336 1.8
Trane Technologies United States 2,338 1.2
Kingspan Group Ireland 937 0.5
Vertiv Holdings Global 864 0.5
7,475 4.0
Total Energy Transition 65,887 34.9
Traditional Energy
Integrated
Chevron Corporation Global 8,427 4.4
Shell Global 6,488 3.4
TotalEnergies Global 3,527 1.9
Suncor Energy Canada 1,773 0.9
Repsol Spain 1,253 0.7
Galp Energia Global 1,013 0.5
Gazprom
1,5
Russia – –
22,481 11.8
Contents
32 BlackRock Energy and Resources Income Trust plc l Annual Report and Financial Statements 30 November 2025
Job No: 103107 Proof Event: 13 Black Line Level: 5 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Main
geographic
exposure
Market
value
£’000
% of
investments
Oil Services
NiSource United States 4,731 2.5
Gaztransport & Technigaz Global 2,497 1.3
TechnipFMC Global 1,370 0.7
Téchnicas Reunidas Global 449 0.2
9,047 4.7
Exploration & Production
Canadian Natural Resources Canada 2,140 1.1
Permian Resources United States 1,891 1.0
Arc Resources Canada 1,370 0.7
California Resources United States 1,342 0.7
6,743 3.5
Refining & Marketing
HF Sinclair Corporation United States 2,108 1.1
Alimentation Couche-Tard Canada 1,271 0.7
3,379 1.8
Distribution
Cheniere Energy United States 1,792 0.9
Targa Resources United States 1,561 0.8
3,353 1.7
Total Energy Transition 45,003 23.5
Total Portfolio 190,117 100.0
Comprising:
Equity and debt investments 190,117 100.0
190,117 100.0
1
Investment is a Level 3 investment.
2
Investment is unlisted and is held at fair value.
3
The investment in the Vale debentures is illiquid and has been valued using secondary market pricing information provided by the
Brazilian Financial and Capital Markets Association (ANBIMA).
4
Investment is a Level 2 investment.
5
The investment in Gazprom has been valued at a nominal value of RUB0.01 as secondary listings of the depositary receipts on
Russian companies have been suspended from trading.
All investments are ordinary shares unless otherwise stated. The total number of holdings (including options) at 30 November
2025 was 68 (2024: 74).
There were no open options as at 30 November 2025 (2024: one option).
The equity and fixed income investment total of £190,117,000 (2024: £189,752,000) above before the deduction of the
negative option valuation of £nil (2024: £51,000) represents the Group’s total investments held at fair value as reflected in the
Consolidated and Parent Company Statements of Financial Position on page 98. The table above excludes cash and gearing;
the level of the Group’s gearing may be determined with reference to the bank overdraft of £6,869,000 (2024: £25,944,000)
and cash and cash equivalents of £nil (2024: £3,714,000) that are also disclosed in the Consolidated and Parent Company
Statements of Financial Position. Details of the AIC methodology for calculating gearing are given in the Glossary on pages 141
and 142.
As at 30 November 2025, the Company did not hold any equity interests comprising more than 3% of any company’s share
capital.
Investments
continued
Contents
Contents
Contents
Job No: 103107 Proof Event: 17 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Governance
Section 3: Governance 35
The Company participated in a capital raise by Elia, the electricity transmission network
operator. The company owns most of Belgium’s grid infrastructure and also operates in
Germany.
PHOTO COURTESY OF ELIA
Contents
Job No: 48455 Proof Event: 2 Black Line Level: 0 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: World Mining Annual Rpt 2022 T: 0207 055 6500 F: 020 7055 6600
Governance structure
Responsibility for good governance lies with the Board. The governance
framework of the Company reflects that as an investment company the
Company has no employees, the Directors are all non-executive and the
investment management and administration functions are outsourced
to the Manager and other external service providers.
The Board
6 scheduled meetings per annum
Four non-executive Directors (NEDs), all independent of the Investment
Manager.
Chairman: Adrian Brown (since March 2022)
Senior Independent Director (SID): Anne Marie Cannon (since March 2024)
Objectives:
• To determine and review the investment policy, guidelines, strategy and
parameters;
• To provide leadership within a framework of prudent and effective controls
which enable risk to be assessed and managed and the Company’s assets to be
safeguarded;
• To challenge constructively and scrutinise performance of all outsourced
activities; and
• To set the Company’s remuneration policy.
Audit and Management
Engagement Committee
3 scheduled meetings per annum
Membership: All independent NEDs excluding the Chairman of the Board
1
Chairman: Andrew Robson (since March 2021)
Key objectives:
• To oversee the financial reporting and the control environment;
• To review the performance of the Manager and Investment Manager; and
• To review the performance of other service providers.
Nomination Committee
1 scheduled meeting per annum
Membership: All independent NEDs
Chairman: Adrian Brown (since March 2022)
Key objectives:
• To review regularly the Board’s structure and composition;
• To be responsible for Board succession planning; and
• To make recommendations to the Board for any new appointments.
1
The Chairman of the Board is not a member of the Audit and Management Engagement Committee but may attend the Committee
meetings by invitation.
36 BlackRock Energy and Resources Income Trust plc l Annual Report and Financial Statements 30 November 2025
Contents
Job No: 103107 Proof Event: 17 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Section 3: Governance 37
Directors’ biographies
Adrian Brown
Chairman
(with effect from 15 March 2022)
Appointed 10 December 2019
is a senior advisor for Apex Group,
where he provides investment advice
to institutional pension fund clients.
He is also a Trustee/Director of
Boots Pensions Ltd. He has a wealth
of experience in the financial and
commerce sectors, starting his career
as an Investment Analyst at Morgan
Grenfell & Co. Following an MBA at
INSEAD, he joined Boots plc, holding a
range of senior operating and strategic
finance roles before returning to work
in the financial services sector in
2006 as a Senior Portfolio Manager at
AllianceBernstein LP and subsequently
at JPMorgan Asset Management,
where he was a Managing Director in
the Global/International Equity Group
from 2011 until his retirement in 2018.
Mr Brown holds a degree in Natural
Sciences (Geology) from St John’s
College, Cambridge.
Attendance record:
Board: 6/6
Audit and Management Engagement
Committee
1
: n/a
Nomination Committee: 1/1
1
The Chairman of the Board is not a
member of the Audit and Management
Engagement Committee but may
attend the Committee meetings by
invitation.
Andrew Robson
Audit and Management Engagement
Committee Chairman
Appointed 8 December 2020
is a qualified chartered accountant
with over 15 years of corporate finance
experience, gained at Robert Fleming
& Co Limited and SG Hambros. He has
considerable experience as a finance
director and as chairman of audit
committees, including for a number of
investment companies. He is currently
a non-executive director of Aberdeen
New India Investment Trust plc and of
JP Morgan European Growth & Income
plc. He was also a non-executive
director of AVI Global Trust plc
(formerly British Empire Trust plc) until
2017 and Shires Income plc until July
2020, JPMorgan Smaller Companies
Investment Trust plc until November
2020 and Baillie Gifford China Growth
Trust plc until 16 June 2023. Mr
Robson has a degree in History from
Trinity College, Cambridge.
Attendance record:
Board: 6/6
Audit and Management Engagement
Committee: 3/3
Nomination Committee: 1/1
Contents
Job No: 103107 Proof Event: 17 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
38 BlackRock Energy and Resources Income Trust plc l Annual Report and Financial Statements 30 November 2025
None of the Directors has a service contract with the Company. The terms of their appointment are detailed in a letter sent to
them when they join the Board. These letters are available for inspection at the registered office of the Company and will be
available at the Annual General Meeting.
Carole Ferguson
Appointed 22 December 2021
is CEO of Carbon Transition Analytics
and a Non-Executive Director of
Henderson Far East Income Limited.
She was also on the advisory board
of WHEB Asset Management, an
impact investor focused on the
opportunities created by the transition
to a low carbon and sustainable global
economy, and was also formerly a
Managing Director of Industry Tracker,
a climate research house. Mrs Ferguson
has extensive experience in the
financial services sector in research,
finance and sustainability. She began
her career in fund management with
BZW Investment Management, moving
to work in equity derivatives with Swiss
Bank Corporation, JP Morgan Securities
and later with Jardine Fleming (Hong
Kong) and Robert Fleming (London).
Subsequently she was a senior member
of the UK fund management team at SG
Asset Management before moving to
work as a mining analyst at SP Angel for
four years. In 2017 she became Head
of Investor Research at CDP, the charity
that runs the global disclosure system
for investors, companies, and others to
manage their environmental impact.
Attendance record:
Board: 6/6
Audit and Management Engagement
Committee: 3/3
Nomination Committee: 1/1
Directors’ biographies
continued
Anne Marie Cannon
Senior Independent Director
(with effect from 15 March 2024)
Appointed 16 January 2024
has over 40 years experience in the
energy industry and investment
banking and is an experienced director
holding executive and non-executive
roles. She is currently Deputy Chair
at Aker BP ASA and was formerly a
Non-Executive Director of Harbour
Energy plc, STV Group plc, Aker ASA
and Aker Energy AS. In addition, she
is a Senior Advisor in the Strategic
Advisory business at PJT Partners. Mrs
Cannon was previously a Senior Advisor
at Morgan Stanley and a Director at
Schroder Wagg and was an Executive
Director on the boards of Hardy Oil &
Gas plc and British Borneo plc. She
has also held financial and commercial
roles at Shell UK and Thomson North
Sea. Mrs Cannon is a Fellow of the
Energy Institute.
Attendance record:
Board: 6/6
Audit and Management Engagement
Committee: 3/3
Nomination Committee: 1/1
Contents
Section 3: Governance 39
Job No: 103107 Proof Event: 17 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Strategic report
The Directors present the Strategic Report of the Company for the year ended 30 November 2025. The aim of the Strategic
Report is to provide shareholders with the information required to enable them to assess how the Directors have performed in
their duty to promote the success of the Company for the collective benefit of shareholders.
The Chairman’s Statement together with the Investment Managers’ Report and the Section 172 Statement set out how the
Directors promote the success of the Company on pages 48 to 51 form part of the Strategic Report. The Strategic Report was
approved by the Board at its meeting on 5 February 2026.
Business and management of the Company
BlackRock Energy and Resources Income Trust plc (the Company) is an investment trust company that has a premium listing
on the London Stock Exchange. Its principal activity is portfolio investment and option writing. The Company’s wholly owned
subsidiary is BlackRock Energy and Resources Securities Income Company Limited (together ‘the Group’). Its principal activity
is investment dealing.
Investment trusts, like unit trusts and open-ended investment companies (OEICs), are pooled investment vehicles which allow
exposure to a diversified range of assets through a single investment thus spreading, although not eliminating, investment
risk. In accordance with the Alternative Investment Fund Managers’ Directive (AIFMD) the Company is an Alternative
Investment Fund (AIF). BlackRock Fund Managers Limited (the Manager) is the Company’s Alternative Investment Fund
Manager (AIFM). The management of the investment portfolio and the administration of the Company have been contractually
delegated to the Manager. The Manager, operating under guidelines determined by the Board, has direct responsibility for
decisions relating to the running of the Company and is accountable to the Board for the investment, financial and operating
performance of the Company.
The Company delegates fund accounting services to the Manager, which in turn subdelegates these services to the Fund
Accountant, The Bank of New York Mellon (International) Limited. The Company sub-delegates registration services to the
Registrar, Computershare Investor Services PLC. Other service providers include the Depositary, also performed by The Bank
of New York Mellon (International) Limited. Details of the contractual terms with these service providers are set out in the
Directors’ Report on page 56.
Business model
The Company invests in accordance with the investment objective. The Board is collectively responsible to shareholders for
the long-term success of the Company. There is a clear division of responsibility between the Board and the Manager. Matters
reserved for the Board include setting the Company’s strategy, including its investment objective and policy, setting limits
on gearing, capital structure, governance, and appointing and monitoring of the performance of service providers, including
the Manager. As the Company’s business model follows that of an externally managed investment trust, it does not have any
employees and outsources its activities to third party service providers including the Manager who is the principal service
provider.
Investment objective
The Company’s objectives are to achieve an annual dividend target and, over the long term, capital growth by investing
primarily in securities of companies operating in the mining and energy sectors.
Investment policy and strategy
The Company seeks to achieve its objectives through a focused portfolio, consisting of approximately 30 to 150 securities.
Although the Company has the flexibility to invest within this range, at 30 November 2025 the portfolio consisted of 68
investments and the detailed portfolio listing is provided on pages 30 to 32.
There are no restrictions on investment in terms of geography or sub-sector and, in addition to equities, other types of
securities, such as convertible bonds and debt issued primarily by mining or energy companies, may be acquired. Although
most securities will be quoted, listed or traded on an investment exchange, up to 10% of the gross assets of the Group, at
the time of investment, may be invested in unquoted securities. Investment in securities may be either direct or through
other funds, including other funds managed by BlackRock or its associates, with up to 15% of the portfolio being invested
in other listed investment companies, including listed investment trusts. In order to comply with the current Listing Rules,
the Company will not invest more than 10% of its gross asset value in other listed closed-ended investment funds which
themselves may invest more than 15% of their gross assets in other listed closed-ended investment funds. This restriction
Contents
40 BlackRock Energy and Resources Income Trust plc l Annual Report and Financial Statements 30 November 2025
Job No: 103107 Proof Event: 17 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
does not form part of the Company’s investment policy. Up to 10% of the gross assets of the Group, at the time of investment,
may be invested in physical assets, such as gold and in securities of companies that operate in the commodities sector other
than the mining and energy sectors.
No more than 15% of the gross assets of the Group will be invested in any one company as at the date any such investment
is made and the portfolio will not own more than 15% of the issued shares of any one company, other than the Company’s
subsidiary. The Group may deal in derivatives, including options and futures, up to a maximum of 30% of the Group’s assets
for the purposes of efficient portfolio management and to enhance portfolio returns. In addition, the Group is also permitted to
enter into stock lending arrangements up to a maximum of 33.3% of the total asset value of the portfolio.
The Group may, from time to time, use borrowings to gear its investment policy or in order to fund the market purchase of its
own ordinary shares. This gearing typically is in the form of an overdraft or short-term facility, which can be repaid at any time.
Under the Company’s Articles of Association, the Board is obliged to restrict the borrowings of the Company to an aggregate
amount equal to 40% of the value of the gross assets of the Group. However, borrowings are not anticipated to exceed 20% of
gross assets at the time of drawdown of the relevant borrowings.
The Group’s financial statements are maintained in British Pound Sterling. Although many investments are denominated
and quoted in currencies other than British Pound Sterling, the Company does not intend to employ a hedging policy against
fluctuations in exchange rates but may do so in the future if circumstances warrant implementing such a policy.
No material change will be made to the investment policy without shareholder approval.
Environmental, social and governance (ESG) impact
The Board’s ESG approach is set out on page 53. The direct impact of the Company’s activities is minimal as it has no
employees, premises, physical assets or operations either as a producer or a provider of goods or services. Neither does it
have customers. Its indirect impact occurs through the investments that it makes, and this is managed through BlackRock’s
approach to material ESG integration.
Performance
Details of the Company’s performance for the year are given in the Chairman’s Statement on pages 5 to 8. The Investment
Managers’ Report on pages 11 to 23 includes a review of the main developments during the year, together with information on
investment activity within the Company’s portfolio.
Results and dividends
The Company’s revenue earnings for the year amounted to 3.50p per share (2024: 3.63p). Details of dividends paid and declared
in respect of the year, together with the Company’s dividend policy, are set out on pages 6 and 7 of the Chairman’s Statement.
Future prospects
The Board’s main focus is the achievement of an annual dividend target and, over the long term, capital growth. The future of
the Company is dependent upon the success of the investment strategy. The outlook for the Company is discussed in both the
Chairman’s Statement on page 8 and in the Investment Managers’ Report on pages 11 to 23.
Employees, social, community and human rights issues
The Company has no employees, and all the Directors are non-executive, therefore, there are no disclosures to be made in respect
of employees. The Company believes that it is in shareholders’ interests to consider environmental, social and governance factors
and human rights issues when selecting and retaining investments. Details of the Company’s policy on socially responsible
investment are set out on pages 75 and 76.
Strategic report
continued
Contents
Section 3: Governance 41
Job No: 103107 Proof Event: 17 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Modern slavery act
As an investment vehicle the Company does not provide goods or services in the normal course of business and does not have
customers. Accordingly, the Directors consider that the Company is not required to make any slavery or human trafficking
statement under the Modern Slavery Act 2015. The Board considers the Company’s supply chain, dealing predominantly with
professional advisers and service providers in the financial services industry, to be low risk in relation to this matter.
Directors and gender representation
The Directors of the Company are set out in the Governance structure and Directors’ biographies on pages 37 and 38. All the
Directors held office throughout the year. The Board consists of two male Directors and two female Directors.
Key performance indicators
A number of performance indicators (KPIs) are used to monitor and assess the Company’s success in achieving its objectives
and to measure its progress and performance. The principal KPIs are described below:
Performance
At each meeting the Board reviews the performance of the portfolio as well as the net asset value and share price for the
Company and compares this to the performance of other companies in the peer group. The Company does not have a
benchmark; however, the Board also reviews performance in the context of the blended performance of the MSCI ACWI Select
Metals & Mining Producers Ex Gold and Silver IM (Mining), the MSCI World Energy Index (Traditional Energy) and S&P Global
Clean Energy Transition Index (Energy Transition) with a 40:30:30 composite of the three indices. The Board also monitors
performance relative to a peer group of commodities and natural resources focused funds and also regularly reviews the
Company’s performance attribution analysis to understand how performance was achieved. This provides an understanding
of how components such as sector exposure, stock selection and asset allocation impacted performance. Information on
the Company’s performance is given in the performance record on page 4 and the Chairman’s Statement and Investment
Managers’ Report on page 5 and pages 11 to 23 respectively.
Share rating
The Board monitors the level of the Company’s premium or discount to NAV on an ongoing basis and considers strategies for
managing any premium or discount. In the year to 30 November 2025, the Company’s share price to NAV traded in the range
of a discount of 6.5% and 13.5% on a cum income basis. The average discount for the year was 9.1%. 10,283,000 shares were
repurchased into treasury during the year at a total cost of £12,480,000. Details of shares issued or repurchased since the year
end date are given in note 15 on page 111.
Further details setting out how the discount or premium at which the Company’s shares trade is calculated are included in the
Glossary on page 141.
Ongoing charges
The ongoing charges represent the Company’s management fee and all other recurring operating expenses, excluding finance
costs, direct transaction costs, custody transaction charges, VAT recovered, taxation, prior year expenses written back and
certain non-recurring items, expressed as a percentage of average daily net assets. The ongoing charges are based on actual
costs incurred in the year as being the best estimate of future costs. The Company’s Manager has also agreed to reduce the
existing cap on ongoing charges from 1.25% to 1.15% with effect from 1 December 2024. To the extent that the Company’s
ongoing charges exceed 1.15% of average net assets, the Manager will rebate a portion of the management fee to ensure
they remain below 1.15%. The Board reviews the ongoing charges and monitors the expenses incurred by the Company on
an ongoing basis. A definition setting out in detail how the ongoing charges ratio is calculated is included in the Glossary
on page 144. The Company’s ongoing charges amounted to 1.15% for the year ended 30 November 2025 (there was a
management fee rebate of £28,000 applied for the year).
Dividend target and income generation
The level of income is considered at each meeting and the Board receives detailed income forecasts. The Board also monitors the
risks and returns from option writing, and regularly reviews the Company’s levels of distributable reserves.
Contents
42 BlackRock Energy and Resources Income Trust plc l Annual Report and Financial Statements 30 November 2025
Job No: 103107 Proof Event: 17 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
The table below sets out the key KPIs for the Company. These KPIs fall within the definition of ‘Alternative Performance
Measures’ (APMs) under guidance issued by the European Securities and Markets Authority (ESMA) and additional
information explaining how these are calculated is set out in the Glossary on pages 141 to 145.
Key Performance Indicators
Year ended
30 November
2025
Year ended
30 November
2024
Net asset value total return
1,2
23.5% 15.3%
Share price total return
1,2
28.8% 14.0%
Discount at year end
2,3
8.7% 12.1%
Revenue earnings per share 3.50p 3.63p
Dividends per share 4.75p 4.50p
Ongoing charges
2, 4
1.15% 1.20%
1
This measures the Company’s NAV and share price total returns, which assumes dividends paid by the Company have been
reinvested.
2
Alternative Performance Measures, see Glossary on pages 141 to 145.
3
This is the difference between the share price and the cum-income NAV per share.
4
Ongoing charges represent the management fee and all other recurring operating expenses excluding finance costs, direct
transaction costs, custody transaction charges, VAT recovered, taxation, prior year expenses written back and certain non-recurring
items, expressed as a percentage of average daily net assets. The cap on ongoing charges reduced from 1.25% to 1.15% with effect
from 1 December 2024.
Principal risks
The Company is exposed to a variety of risks and uncertainties. The Board has in place a robust process to identify, assess
and monitor the principal risks of the Company. A core element of this process is the Company’s risk register which identifies
the risks facing the Company and assesses the likelihood and potential impact of each risk and the controls established for
mitigation. A residual risk rating is then calculated for each risk.
The risk register is regularly reviewed, and the risks reassessed. The risk environment in which the Company operates is also
monitored and regularly appraised. New risks are also added to the register as they are identified which ensures that the
document continues to be an effective risk management tool.
The risk register, its method of preparation and the operation of key controls in the Manager’s and third-party service
providers’ systems of internal control are reviewed on a regular basis by the Audit and Management Engagement Committee.
In order to gain a more comprehensive understanding of the Manager’s and other third-party service providers’ risk
management processes, and how these apply to the Company’s business, BlackRock’s internal audit department provides
an annual presentation to the Audit and Management Engagement Committee Chairman setting out the results of testing
performed in relation to BlackRock’s internal control processes. The Audit and Management Engagement Committee also
periodically receives presentations from BlackRock’s Risk & Quantitative Analysis teams, and reviews Service Organisation
Control (SOC 1) reports from BlackRock and other key service providers. The Custodian is appointed by the Company’s
Depositary and does not have a direct contractual relationship with the Company.
The Board has undertaken a robust assessment of both the principal and emerging risks facing the Company, including those
that would threaten its business model, future performance, solvency or liquidity. The risk that unforeseen or unprecedented
events including (but not limited to) heightened geopolitical tensions such as the war in Ukraine, high inflation and the current
cost of living crisis has had a significant impact on global markets. The Board has taken into consideration the risks posed to the
Company by these events and incorporated them into the Company’s risk register. Emerging risks are considered by the Board as
they come into view and are incorporated into the existing review of the Company’s risk register.
Additionally, the Manager considers emerging risks in numerous forums and the Risk and Quantitative Analysis team produces
an annual risk survey. Any material risks of relevance to the Company identified through the annual risk survey will be
communicated to the Board.
Emerging risks that have been considered by the Board over the year include the impact of climate change, escalating
geopolitical conflict and technological advances such as in Artificial Intelligence.
The key emerging risks identified are as follows:
Climate change: Investors can no longer ignore the impact that the world’s changing climate will have on their portfolios, with
the impact of climate change on returns, including climate-related natural disasters, now potentially significant and with the
potential to escalate more swiftly than one is able to predict. The Board receives ESG reports from the Manager on the portfolio
Strategic report
continued
Contents
Section 3: Governance 43
Job No: 103107 Proof Event: 17 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
and the way ESG considerations are integrated into the investment decision-making, so as to mitigate risk at the level of stock
selection and portfolio construction.
Artificial Intelligence (‘AI’): Advances in computing power means that AI has become a powerful tool that will impact a huge
range of areas and with a wide range of applications that have the potential to dislocate established business models and
disrupt labour markets, creating uncertainty in corporate valuations. The significant energy required to power this technological
revolution will create further pressure on environmental resources and carbon emissions.
Geopolitical risk: Geopolitical tensions (including, but not limited to the ongoing war in Ukraine, or deteriorating relations
between China and the US/other countries) have a significant negative impact on global markets, with an increasing use of tariffs
and domestic regulations making global trade more complex and driving economic fragmentation.
The Board will continue to assess these risks on an ongoing basis. In relation to the UK Code, the Board is confident that the
procedures that the Company has put in place are sufficient to ensure that the necessary monitoring of risks and controls has
been carried out throughout the reporting period.
The principal risks and uncertainties faced by the Company during the financial year, together with the potential effects,
controls and mitigating factors are set out in the following table.
Investment performance
Principal risk
The returns achieved are reliant primarily upon the performance of the portfolio.
The Board is responsible for:
• setting the investment strategy to fulfil the Company’s objective; and
• monitoring the performance of the Investment Manager and the implementation of the investment strategy.
An inappropriate investment strategy may lead to:
• poor performance;
• widening discount;
• a reduction or permanent loss of capital; and
• dissatisfied shareholders and reputational damage.
The Board is also cognisant of the long-term risk to performance from inadequate attention to ESG issues, and in particular
the impact of climate change. More detail in respect of these risks can be found in the AIFMD Fund Disclosures document
available on the Company’s website at www.blackrock.com/uk/individual/literature/policies/itc-disclosure-blackrock-energy-
and-resources-income-trust-plc.pdf.
Mitigation/Control
To manage this risk the Board:
• regularly reviews the Company’s investment mandate and long-term strategy;
• where necessary, the Board seeks shareholder approval to both repurchase and issue shares to help control the level
of discount/premium at which the shares trade. The Board also keep under review other mechanisms for reducing the
discount, including the option of offering occasional cash exits at close to NAV;
• has set investment restrictions and guidelines which the Investment Manager monitors and regularly reports on;
• receives from the Investment Manager a regular explanation of stock selection decisions, portfolio exposure, gearing and
any changes in gearing and the rationale for the composition of the investment portfolio; and
• monitors the maintenance of an adequate spread of investments in order to minimise the risks associated with factors
specific to particular sectors, based on the diversification requirements inherent in the investment policy.
ESG analysis is integrated in the Manager’s investment process, as set out on pages 53 and 54. This is monitored by the Board.
Contents
44 BlackRock Energy and Resources Income Trust plc l Annual Report and Financial Statements 30 November 2025
Job No: 103107 Proof Event: 17 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Income/dividend
Principal risk
The ability to pay dividends, and future dividend growth, is dependent on a number of factors including the level of dividends
earned from the portfolio and income generated from the option writing strategy. Income returns from the portfolio are
dependent, among other things, upon the Company successfully pursuing its investment policy.
Any change in the tax treatment of dividends or interest received by the Company including as a result of withholding taxes
or exchange controls imposed by jurisdictions in which the Company invests may reduce the level of dividends received by
shareholders.
Mitigation/Control
The Board monitors this risk through the receipt of detailed income forecasts and considers the level of income at each
meeting.
The Company has the ability to make dividend distributions out of special reserves and capital reserves as well as revenue
reserves to support any dividend target. These reserves totalled £111.5 million at 30 November 2025.
In setting the dividend target each year, the Board is mindful of the balance of shareholder returns between income and
capital.
Gearing
Principal risk
The Company’s investment strategy may involve the use of gearing, including borrowings.
Gearing may be generated through borrowing money or increasing levels of market exposure through the use of derivatives.
The Company currently has an overdraft facility with The Bank of New York Mellon (International) Limited. The use of gearing
exposes the Company to the risk associated with borrowing.
Gearing provides an opportunity for greater returns where the return on the Company’s underlying assets exceeds the cost
of borrowing. It is likely to have the opposite effect where the return on the underlying assets is below the cost of borrowings.
Consequently, the use of borrowings by the Company may increase the volatility of the NAV.
Mitigation/Control
The Company’s Articles of Association limit borrowings to an aggregate amount equal to 40% of the value of the gross assets
of the Company. However, to further manage this risk the Board does not anticipate borrowings will exceed 20% of gross
assets at the time of drawdown.
The use of derivatives, including options and futures has been limited to a maximum of 30% of the Group’s assets.
The Investment Manager will only use gearing when confident that market conditions and opportunities exist to enhance
investment returns.
The Investment Manager reports to the Board on a regular basis the levels of gearing in place as compared to limits set by the
Board under the investment policy and by the Manager as Alternative Investment Fund Manager (AIFM) under the Alternative
Investment Fund Managers’ Directive, as retained and onshored in the UK (AIFMD).
The Board monitors gearing levels and will raise any queries or concerns in respect of changes in the gearing level with the
Investment Manager.
Legal and regulatory compliance
Principal risk
The Company has been approved by HM Revenue & Customs as an investment trust, subject to continuing to meet the
relevant eligibility conditions and operates as an investment trust in accordance with Chapter 4 of Part 24 of the Corporation
Tax Act 2010. As such, the Company is exempt from capital gains tax on the profits realised from the sale of its investments.
Strategic report
continued
Contents
Section 3: Governance 45
Job No: 103107 Proof Event: 17 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Any breach of the relevant eligibility conditions could lead to the Company losing investment trust status and being subject to
corporation tax on capital gains realised within the Company’s portfolio.
Any serious breach could result in the Company and/or the Directors being fined or the subject of criminal proceedings or the
suspension of the Company’s shares which would in turn lead to a breach of the Corporation Tax Act 2010.
Amongst other relevant laws and regulations, the Company is required to comply with the provisions of the Companies Act
2006, the Alternative Investment Fund Managers’ Directive, the Market Abuse Regulation, the UK Listing Rules, international
sanctions and the FCA’s Disclosure Guidance and Transparency Rules.
Mitigation/Control
The Investment Manager monitors investment movements, the level and type of forecast income and expenditure and the
amount of proposed dividends to ensure that the provisions of Chapter 4 of Part 24 of the Corporation Tax Act 2010 are not
breached. The results are reported to the Board at each meeting.
Compliance with the accounting rules affecting investment trusts are also carefully and regularly monitored.
The Company Secretary, Manager and the Company’s professional advisers provide regular reports to the Board in respect of
compliance with all applicable rules and regulations. The Board and the Manager also monitor changes in government policy
and legislation which may have an impact on the Company.
The Company’s Investment Manager, BlackRock, at all times complies with the sanctions administered by the UK Office
of Financial Sanctions Implementation, the United States Treasury’s Office of Foreign Assets Control, the United Nations,
European Union member states and any other applicable regimes.
The Market Abuse Regulation came into force on 3 July 2016. The Board has taken steps to ensure that individual Directors
(and their Persons Closely Associated) are aware of their obligations under the regulation and has updated internal processes,
where necessary, to ensure the risk of non-compliance is effectively mitigated.
Operational
Principal risk
The Company relies on the services provided by third parties.
Accordingly, it is dependent on the control systems of the Manager and The Bank of New York Mellon (International) Limited
(who act as both Depositary, Custodian and Fund Accountant and who maintain the Company’s assets, settlement and
accounting records). The Company’s share register is maintained by the Registrar, Computershare Investor Services PLC. The
security of the Company’s assets, dealing procedures, accounting records and adherence to regulatory and legal requirements
depend on the effective operation of the systems of the third-party service providers.
Failure by any service provider to carry out its obligations to the Company could have a material adverse effect on the
Company’s performance. Disruption through a global IT outage, a cyber-attack or by way of any other event leading to the
disruption of the accounting, payment systems, custody records and other IT systems which prevent the accurate reporting
and monitoring of the Company’s financial position and operational activities.
Inadequate succession arrangements, particularly of the Manager, could disrupt the level of service provided.
Any significant reduction in the market value of the Company, including through falls in its share price and increased buy-
backs may result in the Company’s size becoming unviable.
Mitigation/Control
The Fund Accountant’s and the Manager’s internal control processes are regularly tested and monitored throughout the year
and are evidenced through their SOC 1 reports, which are subject to review by an Independent Service Assurance Auditor. The
SOC 1 reports provide assurance in respect of the effective operation of internal controls. These reports are provided to the
Audit and Management Engagement Committee.
The Company’s financial assets are subject to a strict liability regime and in the event of a loss of assets, the Depositary must
return assets of an identical type or the corresponding amount, unless able to demonstrate the loss was a result of an event
beyond its reasonable control.
The Board reviews the overall performance of the Manager, Investment Manager and all other third-party service providers on
a regular basis.
Contents
46 BlackRock Energy and Resources Income Trust plc l Annual Report and Financial Statements 30 November 2025
Job No: 103107 Proof Event: 17 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Strategic report
continued
The Board also considers the business continuity arrangements of the Company’s key service providers on an ongoing basis
and reviews these as part of its review of the Company’s risk register.
The Board considers the Manager’s succession plans in so far as they affect the services provided to the Company.
The Board considers opportunities to enhance the size of the Company, monitors any buy-backs, and has in place an ongoing
charges cap.
Market
Principal risk
Market risk arises from volatility in the prices of the Company’s investments. The price of shares of companies in the mining,
traditional energy and energy transition sectors can be volatile and this may be reflected in the NAV and market price of the
Company’s shares.
The Company invests in the mining, traditional energy and energy transition sectors in many countries globally and will also be
subject to country-specific risk. A lack of growth in world or country-specific industrial production may adversely affect metal
and energy prices.
Companies operating within the sectors in which the Company invests will be impacted by climate change and by new
legislation governing climate change and environmental issues, which may have a negative impact on their valuation and
share price. Market risk includes the potential impact of events which are outside the Company’s control, including (but not
limited to) heightened geopolitical tensions and military conflict, a global pandemic and high inflation.
There is the potential for the Company to suffer loss through holding investments in the face of negative market movements.
There is also risk related to the investment trust sector. The sector may be out of favour, leading to higher discounts.
Companies within the sector are also at risk that high discounts allow activist investors, whose objectives may not be aligned
with other shareholders, to secure significant stakes. The low level of retail voting at general meetings exacerbates this risk.
Mitigation/Control
The Board considers the diversification of the portfolio, asset allocation, stock selection, and levels of gearing on a regular
basis and has set investment restrictions and guidelines which are monitored and reported on by the Investment Manager.
The Board monitors the implementation and results of the investment process with the Investment Manager.
Under the Company’s investment policy, the Investment Manager has the ability to invest in energy transition stocks and
is mindful of the impact of any shift in energy consumption towards less carbon intensive energy supply. This is taken into
account by the Investment Manager in building a well diversified portfolio.
The Board also recognises the benefits of a closed-end fund structure in extremely volatile markets such as those experienced
during the Russia-Ukraine and Middle East conflicts. Unlike open-ended counterparts, closed-end funds are not obliged
to sell-down portfolio holdings at low valuations to meet liquidity requirements for redemptions. During times of elevated
volatility, restrictions and impacts on securities and markets following the Russian invasion of the Ukraine and market stress,
the ability of a closed-end fund structure to remain invested for the long term enables the Portfolio Managers to adhere to
disciplined fundamental analysis from a bottom-up perspective and be ready to respond to dislocations in the market as
opportunities present themselves.
The Board monitors its share register, consults regularly with shareholders and seeks to improve engagement with retail
shareholders.
Financial
Principal risk
The Company’s investment activities expose it to a variety of financial risks that include interest rate risk and foreign currency risk.
The Company invests in both British Pound Sterling and non-British Pound Sterling denominated securities. Consequently, the
value of investments in the portfolio made in non-British Pound Sterling currencies will be affected by currency movements.
Mitigation/Control
Details of these risks are disclosed in note 17 to the Financial Statements, together with a summary of the policies for
managing these risks.
Contents
Section 3: Governance 47
Job No: 103107 Proof Event: 17 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Viability statement
In accordance with provision 31 of the 2018 UK Corporate Governance Code, the Directors have assessed the prospects of the
Company over a longer period than the twelve months referred to by the ‘Going Concern’ guidelines. Given the factors stated
below, the Board expects the Company to continue for the foreseeable future and has therefore conducted this review for a
period of five years. This is generally the investment holding period investors consider while investing in the sector. The Board
conducted this review for the period up to the AGM in 2031.
The Board has also considered a number of other factors in its assessment, including:
• continuation vote to be passed at the AGM which is to be held on 25 March 2026;
• portfolio liquidity;
• setting the investment strategy to fulfill the Company’s objective; and monitoring the performance of the Investment
Manager and the implementation of the investment strategy. The Board regularly reviews the Company’s investment
mandate and long-term strategy; it has set investment restrictions and guidelines which the Investment Manager monitors
and regularly reports to the Board;
• the Company’s revenue and expense forecasts. The Board is confident that the Company’s business model remains viable
and that there are sufficient resources to meet all liabilities as they fall due for the period under review;
• the Company’s borrowing facility and the fact that the Company continues to meet its financial covenants in respect of this
facility;
• the long-term risk to performance from inadequate attention to ESG issues, and in particular the impact of climate change.
ESG analysis is integrated in the Manager’s investment process. This is monitored by the Board;
• the principal risks and uncertainties as set out above and the fact that the Company has appropriate controls and processes
in place to manage these and to maintain its operating model;
• the operational resilience of the Company and its key service providers and their ability to continue to provide a good level of
service for the foreseeable future;
• the effectiveness of business continuity plans in place for the Company and key service providers; and
• the level of income generated by the Company and future income forecasts.
In its assessment of the viability of the Company the Directors have noted that:
• the Company predominantly invests in highly liquid, large listed companies so its assets are readily realisable;
• the Company has gearing facilities in place and no concerns around facilities, headroom or covenants;
• the Company’s forecasts for revenues, expenses and liabilities are relatively stable, it has largely fixed overheads which
comprise a small percentage of net assets and ongoing charges are capped at 1.15% of average net asset value; and
• the business model should remain attractive for longer than five years unless there is significant economic or regulatory
change.
The Directors have also reviewed:
• the impact of a significant fall in global commodity equity markets on the value of the Company’s investment portfolio;
• the ability of portfolio companies to pay dividends, and the Company’s portfolio yield and ability to meet its dividend target
over the longer term;
• the ongoing relevance of the Company’s investment objective, business model and investment policy in the current
environment; and
• the level of demand for the Company’s shares and expectations on the outcome of the continuation vote.
Based on the results of their analysis, the Directors have concluded that there is a reasonable expectation that the Company
will be able to continue in operation and meet its liabilities as they fall due over the period of their assessment.
Contents
48 BlackRock Energy and Resources Income Trust plc l Annual Report and Financial Statements 30 November 2025
Job No: 103107 Proof Event: 17 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Section 172 Statement: promoting the success of BlackRock Energy and
Resources Income Trust plc
The Directors are required to explain in detail how they have discharged their duties under Section 172(1) of the Companies
Act 2006 in promoting the success of their companies for the benefit of members as a whole. This includes the likely
consequences of their decisions in the longer term and how they have taken wider stakeholders’ needs into account.
As the Company is an externally managed investment company and does not have any employees or customers, the
Board considers the main stakeholders in the Company to be the shareholders, key service providers (being the Manager
and Investment Manager, the Custodian, Depositary, Registrar and Broker) and investee companies. The reasons for this
determination, and the Board’s overarching approach to engagement, are set out in the table below.
Stakeholders
Shareholders
Continued shareholder support and engagement are critical to the continued existence of the Company and the successful
delivery of its long-term strategy. The Board is focused on fostering good working relationships with shareholders and on
understanding the views of shareholders in order to incorporate them into the Board’s strategy and objectives in delivering
long-term growth and income. The Chairman and advisors met with a number of significant shareholders during the year in
particular in assessing their support for the forthcoming continuation vote at the AGM this year.
Manager and Investment Manager
The Board’s main working relationship is with the Manager, who is responsible for the Company’s portfolio management
(including asset allocation, stock and sector selection) and risk management, as well as ancillary functions such as
administration, secretarial, accounting and marketing services. The Manager has sub-delegated portfolio management to the
Investment Manager. Successful management of shareholders’ assets by the Investment Manager is critical for the Company
to successfully deliver its investment strategy and meet its objective. The Company is also reliant on the Manager as AIFM to
provide support in meeting relevant regulatory obligations under the AIFMD and other relevant legislation.
Other key service providers
In order for the Company to function as an investment trust with a listing on the premium segment of the official list of the
Financial Conduct Authority (FCA) and trade on the London Stock Exchange’s (LSE) main market for listed securities, the
Board relies on a diverse range of advisors for support in meeting relevant obligations and safeguarding the Company’s
assets. For this reason, the Board considers the Company’s Custodian, Depositary, Registrar and Broker to be stakeholders.
The Board maintains regular contact with its key external service providers and receives regular reporting from them through
the Board and committee meetings, as well as outside of the regular meeting cycle.
Investee companies
Portfolio holdings are ultimately shareholders’ assets, and the Board recognises the importance of good stewardship and
communication with investee companies in meeting the Company’s investment objective and strategy. The Board monitors
the Manager’s stewardship activities and receives regular feedback from the Manager in respect of meetings with the
management of portfolio companies.
Strategic report
continued
Contents
Section 3: Governance 49
Job No: 103107 Proof Event: 17 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
A summary of the key areas of engagement undertaken by the Board with its key stakeholders in the year under review and
how Directors have acted upon this to promote the long-term success of the Company are set out in the table below.
Area of Engagement
Investment Mandate and Objective
Issue
The Board is committed to promoting the role and success of the Company in delivering on its investment mandate to
shareholders over the long term. However, the Board recognises that the sectors in which the Company invests are undergoing
structural changes, with a gradual shift in the energy sector away from carbon-based energy supplies towards alternative and
renewable energy sources. The extractive industries in which the companies in the Company’s investment universe operate are
facing ethical and sustainability issues that cannot be ignored by asset managers and investment companies alike. More than
ever, consideration of material ESG information and sustainability risks is an important element of the investment process.
The Board also has responsibility to shareholders to ensure that the Company’s portfolio of assets is invested in line with the
stated investment objective and in a way that ensures an appropriate balance between spread of risk and portfolio returns.
Engagement
The Board believes that responsible investment and sustainability are integral to the longer-term delivery of growth in
capital and income and has worked very closely with the Manager throughout the year to regularly review the Company’s
performance, investment strategy and underlying policies to ensure that the Company’s investment objective continues to be
met in an effective, responsible way that is transparent to current and future investors.
In addition to six scheduled Board meetings a year, the Board holds a Strategy Day which is dedicated to an in depth review
of the Company’s strategy in conjunction with key advisors including the Company’s broker, public relations and marketing
teams and members of BlackRock’s portfolio management and risk analytics teams.
The Manager’s approach to the consideration of ESG factors in respect of the Company’s portfolio, as well as its engagement
with investee companies to encourage the adoption of sustainable business practices which support long-term value creation,
are kept under review by the Board.
The Manager reports to the Board in respect of its consideration of ESG factors and how these are integrated into the
investment process; a summary of BlackRock’s approach to material ESG integration is set out on pages 53 and 54.
In order to assess the support for the investment mandate, the Board decided to offer a continuation vote at the 2026 AGM in
line with best corporate governance.
Impact
The portfolio activities undertaken by the Investment Manager can be found in the Investment Managers’ Report on pages 11
to 23.
The Board does not formally benchmark the Company’s performance against mining and energy sector indices because
meeting a specific dividend target is not within the scope of these indices and also because no index appropriately reflects
the Company’s blended exposure to the Energy (including the energy transition) and mining sectors. For internal monitoring
purposes, however, the Board compares the performance of the portfolio against a bespoke composite index. The neutral
sector weightings of this bespoke index are 40% Mining, 30% Traditional Energy and 30% Energy Transition, as measured
(respectively) by the MSCI ACWI Select Metals & Mining Producers Ex Gold and Silver IMI Index, the MSCI World Energy Index
and the S&P Global Clean Energy Transition Index.
The result of the continuation vote will be announced subsequent to the AGM on 25 March 2026.
Details regarding the Company’s Key Performance Indicators can be found in this Strategic Report on page 42.
Management of Share Rating
Issue
The Board recognises the importance to shareholders that the market price of the Company’s shares should not trade at either
a significant discount or premium to the NAV. One of the Board’s long-term strategic aspirations is that the Company’s shares
should trade consistently at a price close to the NAV per share.
Contents
50 BlackRock Energy and Resources Income Trust plc l Annual Report and Financial Statements 30 November 2025
Job No: 103107 Proof Event: 17 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Engagement
The Board monitors the Company’s discount on an ongoing basis and meets with the Manager and the Company’s Broker on a
regular basis to discuss methods to try to ensure that the shares trade neither at an excessive discount or premium to NAV, but
reasonably close to par. The Board considers both prevailing market conditions and the need to preserve the shares trading
liquidity (and the Company’s scale) in determining the level of buy back activity. A range of discount control mechanisms have
been considered and the benefits and disadvantages of these have been discussed at length. The Chairman and advisors also
had discussions with major shareholders during the year to seek the importance or otherwise of the level of the Company’s
discount level.
For the year under review, the Board authorised the buy back of 10,283,000 shares at a cost of £12,480,000. Since the year end
and up to 2 February 2026, the Company repurchased 9,071,500 ordinary shares for a net consideration of £15,939,000.
In addition, the Board has worked closely with the Manager to develop the Company’s marketing strategy, with the aim of
ensuring effective communication with existing shareholders and to attract new shareholders to the Company in order to
improve liquidity in the Company’s shares and to sustain the share rating of the Company.
Impact
The Company’s average discount for the year to 30 November 2025 was 9.1% (2024: 10.8%) and as at 2 February 2026 the
discount stood at 8.3%. This compares to an average discount for the AIC Commodities and Natural resources sector of 12.0%
at 30November 2025 and 10.2% at 2 February 2026.
The Company contributed during the year to a focused investment trust sales and marketing initiative operated by BIM (UK)
on behalf of the investment trusts under its management. For the year ended 30 November 2025, the Group’s contribution
to the consortium element of the initiative, which enables the trusts to achieve efficiencies by combining certain sales and
marketing activities, represented 0.025% per annum of its net assets (£184.7 million) as at 31 December 2025, and this
contribution was matched by BIM (UK).
Dividend target
Issue
A key element of the Company’s investment objective is to achieve an annual dividend target. The Board is cognisant that
portfolio investments with a high yield may have lower capital growth, and that seeking to ensure that any dividend target is
covered by current year dividend revenue may result in a lower total return. Conversely, a move to invest a higher proportion of
the portfolio in higher growth investments (including certain energy transition stocks) may result in a lower yielding portfolio.
Engagement
The Board reviews income forecasts and option writing activity in conjunction with the Manager to determine the most
effective approach for meeting the dividend target whilst generating the optimal level of total return for shareholders.
The Board aims to meet the annual target dividend primarily from a mix of dividend income from the portfolio and revenue
reserves, although this will be supported by the distribution of the Company’s other substantial distributable reserves
(£107.7million at 30 November 2025) if required.
Impact
The Board’s dividend target for 2025 was to declare quarterly dividends of at least 1.125 pence per share in the year to
30November 2025, making a total of at least 4.50 pence per share for the year as a whole. This was increased to 1.25 pence
per share during the second half of the year making a total of 4.75 pence per share for the year as a whole. The shortfall of 1.25
pence between earnings per share and the annual dividend target will be funded out of the Company’s revenue reserves and
distributable reserves (£111.5 million at 30 November 2025).
The Board has decided with effect from 1 December 2025, the Board will target a dividend in each financial year of the greater
of (i) the total dividend per share in respect of the prior year, and (ii) at least 4% of NAV per share at the end of the preceding
financial year, which equates to a minimum dividend target for the year to 30 November 2026 of 6.57 pence per share.
The Company has sufficient distributable reserves to meet its current target dividend for a period in excess of 15 years.
Strategic report
continued
Contents
Section 3: Governance 51
Job No: 103107 Proof Event: 17 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Service levels of third party providers
Issue
The Board acknowledges the importance of ensuring that the Company’s principal suppliers are providing a suitable level
of service: this includes the Manager in respect of investment performance and delivering on the Company’s investment
mandate; the Custodian and Depositary in respect of their duties towards safeguarding the Company’s assets; the Registrar in
its maintenance of the Company’s share register and dealing with investor queries and the Company’s Broker in respect of the
provision of advice and acting as a market maker for the Company’s shares.
Engagement
The Manager reports to the Board on the Company’s performance on a regular basis. The Board carries out a robust annual
evaluation of the Manager’s performance, its commitment and available resources.
The Board performs an annual review of the service levels of all third-party service providers and concludes on their suitability
to continue in their role.
The Board receives regular updates from the AIFM, Depositary, Registrar and Broker on an ongoing basis.
Impact
All performance evaluations were performed on a timely basis and the Board concluded that all key third-party service
providers, including the Manager were operating effectively and providing a good level of service.
Board composition
Issue
The Board is committed to ensuring that its own composition brings an appropriate balance of knowledge, experience and
skills, and that it is compliant with best corporate governance practice under the UK Code, including guidance on tenure and
the composition of the Board’s committees.
Engagement
The Board reviews succession planning on an ongoing basis. Board diversity, including gender, is taken into account when
establishing the criteria.
The Board remain focused on best Corporate Governance Practice, and in particular the recommendation under the UK Code
that Directors’ tenure is limited to nine years. The Board does not have a formal limit on tenure.
Impact
Details of each Director’s contribution to the success and promotion of the Company are set out in the Directors’ Report on
page 61.
All Directors currently serving on the Board have tenure below the nine years maximum limit recommended under the UK
Code.
The Board’s composition currently meets all targets recommended under the Parker Review and enshrined in recent changes
to the FCA’s Listing Rules (which set new diversity targets and associated disclosure requirements for UK companies listed on
the London Stock Exchange).
Contents
52 BlackRock Energy and Resources Income Trust plc l Annual Report and Financial Statements 30 November 2025
Job No: 103107 Proof Event: 17 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
BlackRock Active Investment Stewardship engagement with portfolio companies in
the year ended 30 November 2025
Given the Board’s belief in the importance of engagement and communication with portfolio companies, they receive regular
updates from the Manager in respect to the stewardship activity undertaken for the year under review. The Board notes that over
the year to 30November 2025, 27 total company engagements were held with the management teams of 19 portfolio companies
representing 29.2% of the portfolio by value at 30 November 2025. To put this into context, there were 65 companies in the
BlackRock Energy and Resources Income Trust plc portfolio at 30 November 2025. Additional information is set out in the table
and charts below.
BlackRock Energy and Resources Income Trust plc -
year ended 30 November 2025
Number of engagements held 27
Number of companies met 19
% of equity investments covered 29.2
Shareholder meetings voted at 72
Number of proposals voted on 1,024
Number of votes against management 17
% of total votes represented by votes against management 1.7
Governance
Social
Environmental
Engagement Themes
Top Six Engagement Topics
Governance - Corporate Strategy
Governance - Board Effectiveness
and Director Qualifications
Environmental - Climate Risk
Management
Compensation and
Remuneration
Governance - Business
Oversight/Risk Management
Social - Talent and Culture
93%
67%
44%
63%
59%
52%
26% 26%
22%
The BAIS Global Engagement and Voting Guidelines provide clients and companies factors we consider when we engage and
vote on matters that are commonly on shareholder meeting agendas. They are not prescriptive and are applied in the context
of a company’s operating environment and an active equity portfolio manager’s investment strategy, anchored in our fiduciary
duty to clients. BAIS undertakes the analysis related to the items on the agenda of the annual or special shareholder meeting
and makes voting recommendations to the active portfolios managers with holdings. Any active portfolio manager may
override the BAIS recommendation if they determine that voting differently is more aligned with the investment objectives of
their fund.
Senior representatives of the active investment, legal and risk teams, reviews and advises on amendments to BAIS’ Global
Engagement and Voting Guidelines. They also consider developments in corporate governance, related public policy, and
market norms and how these might influence BAIS’ policies and practices.
BAIS does not act collectively with other shareholders or organizations in voting shares. Instead, the team engages companies
and makes vote recommendations to portfolio managers based solely on our assessment of what is most aligned with the
investment objectives of clients and funds.
Strategic report
continued
Contents
Section 3: Governance 53
Job No: 103107 Proof Event: 17 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
BAIS’ Global Engagement and Voting Guidelines are available here: https://www.blackrock.com/corporate/literature/
publication/blackrock-active-investment-stewardship-engagement-and-voting-guidelines.pdf.
A detailed approach to the team’s engagement priorities is available here: https://www.blackrock.com/corporate/literature/
publication/blackrock-active-investment-stewardship-engagement-priorities.pdf.
BlackRock Active Investment Stewardship
#
BlackRock Active Investment Stewardship (BAIS) partners with BlackRock’s active investment teams on company engagement
and voting in relation to their holdings. Through direct dialogue with company leadership, the team seeks to understand
their businesses and how they manage risks and opportunities to deliver durable, risk-adjusted financial returns. Generally,
portfolio managers and stewardship specialists engage jointly on substantive stewardship matters. The team’s discussions
focus on topics relevant to a company’s success over time including governance and leadership, corporate strategy, capital
structure and financial performance, operations and sustainability-related risks, as well as macro-economic, geopolitical
and sector dynamics. The team aims to be informed investors and generally vote in support of management teams’
recommendations when a company has a track record of financial value creation.
Environmental, Social And Governance Approach
The Board’s approach
Environmental, social and governance (ESG) issues can present both opportunities and risks to long-term investment
performance. The Company’s investment universe comprises sectors that are undergoing significant structural change
and are likely to be highly impacted by increasing regulation as a result of climate change and other social and governance
factors. Your Board is committed to ensuring that we have appointed a manager that integrates ESG considerations into its
investment process and has the skill and vision to navigate the structural transition that the Company’s investment universe is
undergoing.
More information on BlackRock’s global approach to ESG integration, as well as activity specific to the BlackRock Energy and
Resources Income Trust plc portfolio, is set out below. BlackRock has defined ESG integration as the practice of incorporating
financially material ESG information and consideration of sustainability risks into investment decisions in order to enhance
risk-adjusted returns. ESG integration does not change the Company’s investment objective or constrain the Investment
Managers’ investable universe and does not mean that an ESG or impact focused investment strategy or any exclusionary
screens have been or will be adopted by the Company. Similarly, ESG integration does not determine the extent to which the
Company may be impacted by sustainability risks. More information on sustainability risks may be found in the AIFMD Fund
Disclosures document of the Company available on the Company’s website at www.blackrock.com/uk/individual/literature/
policies/itc-disclosure-blackrock-energy-and-resources-income-trust-plc.pdf.
The Company does not meet the criteria for Article 8 or 9 products under the EU Sustainable Finance Disclosure Regulation
(“SFDR”) and the investments underlying this financial product do not take into account the EU criteria for environmentally
sustainable economic activities.
# As of 1 January 2025, BlackRock’s stewardship policies are developed and implemented by two independent, specialist teams,
BlackRock Investment Stewardship (BIS) and BlackRock Active Investment Stewardship (BAIS). While the two teams operate
independently, their general approach is grounded in widely recognized norms of corporate governance and shareholder rights and
responsibilities. BIS is responsible for engagement and voting in relation to clients’ assets managed by certain index equity portfolio
managers. BAIS partners with BlackRock’s active investment teams on company engagement and voting in relation to their holdings.
Contents
54 BlackRock Energy and Resources Income Trust plc l Annual Report and Financial Statements 30 November 2025
Job No: 103107 Proof Event: 17 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
BlackRock’s reporting and disclosures
In terms of its own reporting, BlackRock believes that the Sustainability Accounting Standards Board provides a clear set
of standards for reporting sustainability information across a wide range of issues, from labour practices to data privacy to
business ethics. For evaluating and reporting climate-related risks, as well as the related governance issues that are essential
to managing them, the Task Force on Climate-related Financial Disclosures (TCFD) provides a valuable framework. BlackRock
recognises that reporting to these standards requires significant time, analysis, and effort. BlackRock’s 2024 TCFD report can
be found at https://www.blackrock.com/corporate/literature/continuous-disclosure-and-important-information/climate-
report-blkinc.pdf.
BlackRock’s approach to material ESG integration
BlackRock’s clients have a wide range of perspectives on a variety of issues and investment themes. Given the wide range of
unique and varied investment objectives sought by our clients, BlackRock’s investment teams have a range of approaches
to considering financially material E, S, and/or G factors. As with other investment risks and opportunities, the relevance of
E, S and/or G considerations may vary by issuer, sector, product, mandate, and time horizon. Depending on the investment
approach, this financially material E, S and/or G data or information may help inform due diligence, portfolio or index
construction, and/or monitoring processes of our portfolios, as well as our approach to risk management.
BlackRock’s ESG integration framework is built upon our history as a firm founded on the principle of thorough and
thoughtful risk management. Aladdin, our core risk management and investment technology platform, allows investors to
leverage financially material E, S and/or G data or information as well as the combined experience of our investment teams
to effectively identify investment opportunities and investment risks. Our heritage in risk management combined with the
strength of the Aladdin platform enables BlackRock’s approach to ESG integration.
We structure our approach around three main pillars: investment processes, data & analytics and transparency and we support
them by equipping our employees with investment relevant E, S and/or G data, tools, and education.
More information in respect of BlackRock’s approach to material ESG integration can be found at
https://www.blackrock.com/corporate/literature/publication/blk-esg-investment-statement-web.pdf.
BAIS Global Engagement and Voting Guidelines
The BAIS Global Engagement and Voting Guidelines provide clients and companies factors we consider when we engage and
vote on matters that are commonly on shareholder meeting agendas. They are not prescriptive and are applied in the context
of a company’s operating environment and an active equity portfolio manager’s investment strategy, anchored in our fiduciary
duty to clients.
BAIS’ Global Engagement and Voting Guidelines are available here: https://www.blackrock.com/corporate/literature/
publication/blackrock-active-investment-stewardship-engagement-and-voting-guidelines.pdf.
BAIS Engagement priorities
The BAIS engagement priorities are the themes on which BAIS most frequently engages with companies, where they are
relevant and a source of material business risk or opportunity. These engagement priorities are available here: https://www.
blackrock.com/corporate/literature/publication/blackrock-active-investment-stewardship-engagement-priorities.pdf.
The above forms part of the Strategic Report.
By order of the Board
GRAHAM VENABLES
For and on behalf of
BlackRock Investment Management (UK) Limited
Company Secretary
5 February 2026
Strategic report
continued
Contents
Section 3: Governance 55
Job No: 103107 Proof Event: 16 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
The Directors present the Annual Report and Financial Statements of the Company and its subsidiary (together the Group) for
the year ended 30 November 2025.
Status of the company
The Company carries on business as an investment trust. It has been approved by HM Revenue & Customs as an investment
trust in accordance with Sections 1158 and 1159 of the Corporation Tax Act 2010, subject to the Company continuing to meet
eligibility conditions. The Directors are of the opinion that the Company has conducted its affairs in a manner which will satisfy
the conditions for continued approval.
The Company is domiciled in the UK
2006. It is not a close company and has no employees.
As an investment company that is managed and marketed in the United Kingdom, the Company is an Alternative Investment
Fund (AIF) falling within the scope of, and subject to, the requirements of the Alternative Investment Fund Managers’ Directive
(AIFMD). The Company is governed by the provisions of the European Union (Alternative Investment Fund Managers)
Regulations 2013 (the Regulations). It must comply with a number of obligations, including the appointment of an Alternative
Investment Fund Manager (AIFM) and a Depositary to carry out certain functions. The AIFM must also comply with the
Regulations in respect of leverage, outsourcing, conflicts of interest, risk management, valuation, remuneration and capital
requirements and must also make additional disclosures to both shareholders and the FCA. Further details are set out on the
Company’s website at www.blackrock.com/uk/beri, the Regulatory Disclosures section on pages 134 to 136 and in the notes
to the financial statements on pages 100 to 125.
The Company’s ordinary shares are eligible for inclusion in the stocks and shares component of an Individual Savings Account
(ISA).
Shareholder Rights Directive II
The Shareholder Rights Directive II took effect from 10 June 2019 with some transitional provisions. It encourages long-term
shareholder engagement and transparency between companies and shareholders. In substantive terms the changes were
small for investment companies and the majority of requirements apply to the Company’s remuneration policy and disclosure
of processes, as well as related party transactions. There are also additional rules for Alternative Investment Fund Managers
and proxy advisers.
GDPR
Data protection rights were harmonised across the European Union following the implementation of the General Data
Protection Regulation (GDPR) on 25 May 2018. The Board has sought and received assurances from its third-party service
providers that they have taken appropriate steps to ensure compliance with the regulation. The Company’s ‘Data Privacy
Policy’ can be found on the Company’s website at www.blackrock.com/uk/beri.
Facilitating retail investments
The Company currently conducts its affairs so that the shares issued by the Company can be recommended by independent
financial advisers to ordinary retail investors in accordance with the FCA’s rules in relation to non-mainstream pooled
investments and intends to continue to do so for the foreseeable future.
The shares are excluded from the FCA’s restrictions which apply to non-mainstream pooled investments because they are
shares in an investment trust.
The Common Reporting Standard
Tax legislation under the OECD (Organisation for Economic Co-operation and Development) Common Reporting Standard for
Automatic Exchange of Financial Account Information (The Common Reporting Standard) was introduced on 1 January 2016.
The legislation requires investment trust companies to provide personal information to HMRC about investors who purchase
shares in investment trusts. As an affected company, BlackRock Energy and Resources Income Trust plc will have to provide
information annually to the local tax authority on the tax residencies of a number of non-UK based certificated shareholders
and corporate entities. The local tax authority to which the information is initially passed may in turn exchange the information
with the tax authorities of another country or countries in which the shareholder may be tax resident, where those countries (or
tax authorities in those countries) have entered into agreements to exchange financial account information.
All new shareholders, excluding those whose shares are held in CREST, entered onto the share register will be sent a
certification form for the purposes of collecting this information.
Directors’ report
Contents
56 BlackRock Energy and Resources Income Trust plc l Annual Report and Financial Statements 30 November 2025
Job No: 103107 Proof Event: 16 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Directors’ report
continued
Dividends
Details of dividends paid and payable in respect of the year are set out in the Chairman’s Statement on pages 6 and 7 and in
note 8 on page 107.
Investment management and administration
BlackRock Fund Managers Limited (BFM) was appointed as the AIFM with effect from 2 July 2014. The management contract
is terminable by either party on six months’ notice.
BlackRock Investment Management (UK) Limited (BIM (UK)) acts as the Company’s Investment Manager under a delegation
agreement with BFM. BIM (UK) also acted as the Secretary of the Company throughout the year. BFM receives a fee of 0.80%
on gross assets. In addition, BFM has agreed, if required, to rebate a portion of the Company’s management fee each year to
ensure that the Company’s ongoing charges, as set out and defined in its annual report (and for avoidance of doubt including
the management fee) do not exceed 1.15% per annum of net assets. Further details in relation to the management fee are
given in note 4 on pages 104 and 105. The Board believes that the current fee structure is appropriate for an investment
company in this sector.
The Company contributes to a focused investment trust sales and marketing initiative operated by BIM (UK) on behalf of
the investment trusts under its management. For the year ended 30 November 2025, the Company’s contribution to the
consortium element of the initiative, which enables the trusts to achieve efficiencies by combining certain sales and marketing
activities, represented 0.025% per annum of its net assets (£152.8 million) as at 31 December 2024, and this contribution is
matched by BIM (UK). For the year ended 30 November 2025, £50,000 (excluding VAT) has been invoiced and paid in respect
of this initiative. The purpose of the programme is to ensure effective communication with existing shareholders and to attract
new shareholders to the Company. This has the benefit of improving liquidity in the Company’s shares and helps sustain the
stock market rating of the Company.
BFM and BIM (UK) are subsidiaries of BlackRock, Inc. which is a publicly traded corporation on the New York Stock Exchange
operating as an independent firm.
Appointment of the manager
The Board considers the arrangements for the provision of investment management and other services to the Company on
an ongoing basis and a formal review is conducted annually. As part of the annual review the Board considers the quality and
continuity of the personnel assigned to handle the Company’s affairs, the investment process and the results achieved to date.
The Board believes that the continuing appointment of BFM (the Manager) as AIFM, and the delegation of investment
management services to BIM (UK) (the Investment Manager) on the terms disclosed above, is in the interests of shareholders
as a whole given the track record of BlackRock’s Natural Resources team in the commodities sector.
The Board believes that the excellent performance in recent years and the quality of BlackRock’s team and its support services,
fully justify its continuing appointment.
Depositary and Custodian
The Company has appointed The Bank of New York Mellon (International) Limited (BNY or the Depositary) to perform this
role. The Depositary’s duties and responsibilities are outlined in the investment fund legislation (as set out in the FCA AIF
Rulebook). The main role of the Depositary under the AIFM Directive is to act as a central custodian with additional duties to
monitor the operations of the Company, including monitoring cash flows and ensuring that the Company’s assets are valued
appropriately in accordance with the relevant regulations and guidance. The Depositary is also responsible for enquiring into
the conduct of the AIFM in each annual accounting period. The Depositary receives a fee payable at a rate of 0.0095% per
annum of net assets. The Company has appointed the Depositary in a tripartite agreement, to which the Manager as AIFM is
also a signatory. The Depositary is also liable for the loss of financial instruments held in custody.
Under the depositary agreement, custody services in respect of the Company’s assets have been delegated to The Bank of
New York Mellon (International) Limited (BNY). BNY receives a custody fee payable by the Company at rates depending on
the number of trades effected and the location of securities held. The depositary agreement is subject to 90 days’ notice of
termination by any party.
Contents
Section 3: Governance 57
Job No: 103107 Proof Event: 16 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Registrar
The Company has appointed Computershare Investor Services PLC as its Registrar (Computershare or the Registrar). The
principal duty of the Registrar is the maintenance of the register of shareholders (including registering transfers). It also
provides services in relation to any corporate actions, dividend administration and shareholder documentation, the Common
Reporting Standard and for the Foreign Account Tax Compliance Act.
Computershare receive a fixed fee, plus disbursements and VAT for the maintenance of the share register. Fees in respect of
corporate actions are negotiated on an arising basis.
Foreign exchange
At the financial year end, approximately 83.1% of the Company’s portfolio was invested in non-British Pound Sterling assets,
with 33.5% invested in US Dollar denominated assets. The Investment Manager does not actively hedge currency exposure.
Derivative transactions
During the year the Group entered into a number of derivative option contracts generating option premium income of
£1,116,000 (2024: £1,164,000). There were no open option contracts at 30 November 2025 (2024: one). The Group had no
futures contracts open at 30 November 2025 (2024: nil) and generated interest of £nil (2024: nil).
Change of control
There are no agreements which the Company is party to that might be affected by a change of control of the Company.
Information to be disclosed in accordance with Listing Rule 6.6.1 (information to be
included in Annual Report and Financial Statements)
Disclosures in respect of how the Company has complied with Listing Rule 6.6.1 are set out on page 136.
Financial Conduct Authority (FCA) Regulation of ‘non-mainstream pooled investments’,
MiFID II ‘complex investments’
The Company currently conducts its affairs so that the shares issued by the Company can be recommended by independent
financial advisers to ordinary retail investors in accordance with the FCA’s rules in relation to non-mainstream pooled
investment products and intends to continue to do so for the foreseeable future. The Company’s shares are excluded from
the FCA’s restrictions which apply to non-mainstream investment products because they are shares in an investment trust.
The Company’s ordinary shares are not considered to be ‘complex instruments’ under the FCA’s ‘Appropriateness’ rules and
guidance in the Conduct of Business Sourcebook.
Exercise of voting rights in investee companies
The exercise of voting rights attached to the Company’s portfolio has been delegated to the Investment Manager, whose voting
policy is set out below. BlackRock’s approach to voting at shareholder meetings, engagement with companies and corporate
governance is framed within an investment context. BlackRock believes that sound corporate governance practices by
companies contribute to their long-term financial performance and thus to better risk-adjusted returns.
BlackRock’s proxy voting process on behalf of this Company is led by the BlackRock Active Investment Stewardship team
(BAIS).
During the year under review, the Investment Manager voted on 1,024 proposals at 72 general meetings on behalf of the
Company. At these meetings the Investment Manager voted in favour of most resolutions, as should be expected when
investing in well run companies but voted against management on 17 (1.66%) of resolutions and abstained from voting
on 2 (0.20%) resolutions. Most of the votes against were in respect of resolutions relating to the election or re-election of
directors, changes to board structure and governance and directors’ remuneration, which were deemed by the Investment
Manager as not being in the best interests of shareholders.
Contents
58 BlackRock Energy and Resources Income Trust plc l Annual Report and Financial Statements 30 November 2025
Job No: 103107 Proof Event: 16 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Directors’ report
continued
Principal risks
The key risks faced by the Company are set out in the Strategic Report on pages 42 to 46.
Going concern
The financial statements of the Company have been prepared on a going concern basis. As described in the viability
statement on page 47 of the annual report, the Board is mindful of the continuation vote and that the risk that unforeseen or
unprecedented events including (but not limited to) heightened geopolitical tensions such as the war in Ukraine can have a
significant impact on global markets. Notwithstanding this significant degree of uncertainty, the Directors are satisfied that
the Company has adequate resources to continue in operational existence for the period to 6 February 2027, being a period of
at least 12 months from the date of approval of these financial statements, and is financially sound. The Board is also satisfied
that the Company and its key third party service providers have in place appropriate business continuity plans and will be able
to maintain service levels.
The Company’s ongoing charges represent a very small proportion of the Company’s assets (and have been capped at 1.15%
per annum of net assets by the Manager) and the Board is confident that the Company will be able to meet all of its liabilities
and ongoing expenses from its assets and income generated from these assets. More information in respect of how the
ongoing charges ratio (which is an Alternative Performance Measure) is calculated is set out in the Glossary on page 144;
more information on how the cap is applied is set out in note 4 on pages 104 and 105.
For these reasons, they continue to adopt the going concern basis in preparing the financial statements.
Directors
The Directors of the Company and their biographies are set out on pages 37 and 38. Details of the Directors’ interests in the
ordinary shares of the Company are set out in the Directors’ Remuneration Report on page 67. All of the Directors held office
throughout the year under review.
The Board may appoint additional Directors to the Board but any Director so appointed must stand for election by the
shareholders at the next AGM.
Board independence and tenure
The Board’s policy on tenure is that length of service does not necessarily compromise the independence or contribution of
directors of an investment trust company, where continuity and experience can add significantly to the strength of the Board.
After due consideration and further to the annual evaluation process, the Board has concluded that all the Directors continue
to be independent in both character and judgement and that there are no relationships or circumstances which are likely to
affect the judgement of any Director.
Director’s appointment, retirement and succession
Although the Articles of Association require that one third of the Directors retire and submit themselves for re-election at
each AGM the Board has resolved that all of the Directors should be subject to re-election on an annual basis. Accordingly,
Mr Brown, Mrs Cannon, Mrs Ferguson and MrRobson will offer themselves for re-election. Further details of the independence
of the Board and Board tenure is provided in the Corporate Governance Statement on pages71 and 72.
The Board has considered the position of Mr Brown, Mrs Cannon, Mrs Ferguson and Mr Robson as part of the evaluation
process and believes that it would be in the Company’s best interests for each of them to be proposed for re-election at the
forthcoming AGM, given their material level of contribution and commitment to the role.
Having considered the Directors’ performance within the annual Board performance evaluation process (further details
of which are provided on pages 71 to 73), the Board believes that it continues to operate effectively and that the Directors
bring extensive knowledge and commercial experience and demonstrate a range of valuable business, financial and asset
management skills. The Board therefore recommends that shareholders vote in favour of each Director’s proposed
re-election/election. More details in respect of the skills and experience each Director brings to the Board are set out in more
detail on page 61.
There were no contracts subsisting during the year under review or up to the date of this report in which a Director of the
Company is or was materially interested and which is or was significant in relation to the Company’s business. None of the
Directors are entitled to compensation for loss of office on the takeover of the Company. None of the Directors has a service
contract with the Company.
Contents
Section 3: Governance 59
Job No: 103107 Proof Event: 16 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Directors’ indemnity
In addition to Directors’ and Officers’ liability insurance cover, the Company’s Articles of Association provide, subject to the
provisions of applicable UK legislation, an indemnity for Directors in respect of costs incurred in the defence of any proceedings
brought against them by third parties arising out of their positions as Directors, in which they are acquitted, or judgement is given
in their favour. The Company has entered into Deeds of Indemnity with each of the Directors individually which are available for
inspection at the Company’s registered office and will be available at the AGM.
Conflicts of interest
The Board has put in place a framework for Directors to report conflicts of interest, or potential conflicts of interest.
All Directors are required to notify the Company Secretary of any situations, or potential situations, where they consider
that they have or may have a direct, or indirect interest or duty that conflicts, or possibly conflicts, with the interests of the
Company. All such situations are reviewed by the Board and duly authorised. Directors are also made aware at each meeting
that there remains a continuing obligation to notify the Company Secretary of any new situations that may arise, or any
changes to situations previously notified. It is the Board’s intention to continue to review all notified situations on a regular
basis.
The Board considers that the framework has worked effectively throughout the year under review.
Directors’ remuneration report and policy
The Directors’ Remuneration Report is set out on pages 64 to 68. An advisory ordinary resolution to approve this report will be
put to shareholders at the Company’s AGM. The Company is also required to put the Director’s Remuneration Policy to a binding
shareholder vote every three years. The Company’s Remuneration Policy was last put to shareholders at the AGM in 2023 so will
be put to shareholders at the forthcoming AGM in 2026.
Directors’ responsibilities
The Directors’ responsibilities in preparing these financial statements are noted on pages 83 and 84.
Substantial share interests
As at 30 November 2025 and up to 5 February 2026, CG Asset Management Ltd had notified the Company that it held
interests in 11.0% and 3.7% of the voting rights attached to the Company’s issued share capital (excluding shares in
treasury), respectively. Subsequently and up to 5 February 2026, the Company had not received any additional notifications in
accordance with the FCA’s Disclosure Guidance and Transparency Rule 5.1.2R of interests in 3% or more of the voting rights
attaching to the Company’s issued share capital or any changes to existing interests.
Share capital
Details of the Company’s issued share capital are given in note 15 on page 111. Details of the voting rights are given in note 16
of the notes to the Notice of Annual General Meeting on page 151.
The ordinary shares carry the right to receive dividends and have one voting right per ordinary share. There are no restrictions
on the voting rights of the ordinary shares. There are no shares which carry specific rights with regard to the control of the
Company.
Share issues
During the year, the Company issued no shares (2024: no shares).
The current authority to issue new ordinary shares or sell ordinary shares from treasury for cash was granted to the Directors
on 20 March 2025 and will expire at the conclusion of the 2026 AGM. The Directors are proposing that their authority to issue
new ordinary shares or sell shares from treasury for cash be renewed at the forthcoming AGM. The Company will be seeking
the authority to allot new ordinary shares or sell from treasury ordinary shares representing up to 10% of the Company’s
issued ordinary shares capital.
Share repurchases
The current authority to repurchase up to 14.99% of the Company’s issued share capital to be held in treasury or for
cancellation was granted to the Directors on 20 March 2025 and will expire at the conclusion of the 2026 AGM. 10,283,000
ordinary shares were bought back to be held in treasury in the year under review.
Contents
60 BlackRock Energy and Resources Income Trust plc l Annual Report and Financial Statements 30 November 2025
Job No: 103107 Proof Event: 16 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Directors’ report
continued
As at the date of this report, 9,071,500 additional shares have been bought back since 30 November 2025.
The Directors are proposing that their authority to buy back up to 14.99% of the Company’s issued share capital be renewed at
the forthcoming AGM.
Although the Manager initiates any buy backs, the policy and parameters are set by the Board and reviewed at regular
intervals. The Company raises the cash needed to finance any purchase of shares either by selling securities in the Company’s
portfolio or by short-term borrowing.
Treasury shares
As described above, the Company is authorised to purchase its own ordinary shares to be held in treasury for re-issue at a
premium, or cancellation at a future date. As at 30 November 2025, 24,316,697 ordinary shares were held in treasury.
Streamlined energy and carbon reporting (SECR) statement: greenhouse gas (GHG)
emissions and energy consumption disclosure
As an externally managed investment company, the Company has no greenhouse gas emissions to report from its operations,
nor does it have any responsibility for any other emissions producing sources. For the same reason, the Company considers
itself to be a low energy user under the SECR regulations and therefore is not required to disclose energy and carbon
information.
As an investment company, the Company does not need to report against the Task Force on Climate-related Financial
Disclosures (TCFD) framework. However, BlackRock reports detailed information about its management of climate-related
risks and opportunities across its business in its TCFD-aligned reports. The Company’s latest product level TCFD report can be
found at https://www.blackrock.com/uk/literature/public-disclosure/tcfd-product-level-disclosure-report-it.pdf.
Articles of association
Any amendments to the Company’s Articles must be made by special resolution.
Annual general meeting
The following information to be discussed at the forthcoming Annual General Meeting is important and requires your
immediate attention. If you are in any doubt about the action you should take, you should seek advice from your stockbroker,
bank manager, solicitor, accountant or other financial adviser authorised under the Financial Services and Markets Act 2000
(as amended).
If you have sold or transferred all of your ordinary shares in the Company you should pass this document, together with any
other accompanying documents including the form of proxy, at once to the purchaser or transferee, or to the stockbroker, bank
or other agent through whom the sale or transfer was effected, for onward transmission to the purchaser or transferee.
Ordinary Business
Resolution 1 – Approval of the Annual Report and Financial Statements:
This resolution seeks shareholder approval of the Annual Report and financial statements for the year ended 30 November
2025 and the Auditor’s report thereon.
Resolution 2 – Approval of the Directors’ Remuneration Report:
This resolution is an advisory vote on the Directors’ Remuneration Report, excluding any content relating to the Remuneration
Policy.
Resolution 3 – Approval of the Directors’ Remuneration Policy:
This is a binding resolution to approve the Directors’ Remuneration Policy as set out on pages 69 and 70.
Resolution 4 – Approval of the Company’s dividend policy:
This is a binding resolution to approve the Company’s dividend policy to continue to pay four quarterly interim dividends,
which in the year under review totalled 4.75p per share.
Contents
Section 3: Governance 61
Job No: 103107 Proof Event: 16 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Resolutions for the re-election of directors
The biographies of the Directors are set out on pages 37 and 38 and are incorporated into this report by reference. The skills and
experience each Director brings to the Board for the long-term sustainable success of the Company are set out on page 61. All
the Directors held office throughout the year under review. All Directors, will stand for re-election by shareholders, at the meeting
in accordance with the requirements of the UK Code.
• Resolution 5 relates to the re-election of Mr Adrian Brown who was appointed on 10 December 2019 and as Chairman
of the Board on 16 March 2022. Mr Brown brings leadership skills and has a wealth of experience in the financial sector
and in developing corporate strategy. He has worked hard with the Board over the past year to better understand the
needs of all shareholders, including the majority retail shareholders, and to balance company strategy in the interests of
all shareholders. He brings in-depth knowledge, expertise and experience in investment management and investment
marketing having worked in the financial services sector as a senior portfolio manager and a client portfolio manager at
Alliance Bernstein and JP Morgan Asset Management respectively, and brings extensive management experience from
senior roles as a number of corporates.
• Resolution 6 relates to the re-election of Mr Andrew Robson who was appointed on 8 December 2020 and has a wealth of
experience in the financial sector, with over 15 years of corporate finance experience, gained at Robert Fleming & Co Limited
and SG Hambros. He has considerable experience as a finance director and as chairman of audit committees, including for a
number of investment companies. He is also a qualified chartered accountant.
• Resolution 7 relates to the re-election of Mrs Carole Ferguson who was appointed on 22 December 2021 and has a
wealth of experience in the financial services sector in research, finance and sustainability. She began her career in fund
management with BZW Investment Management, moving to work in equity derivatives with Swiss Bank Corporation, JP
Morgan Securities and later with Jardine Fleming (Hong Kong) and Robert Fleming (London). Subsequently she was a
senior member of the UK fund management team at SG Asset Management before moving to work as a mining analyst at
SP Angel for four years. In 2017 she became Head of Investor Research at CDP, the charity that runs the global disclosure
system for investors, companies, and others to manage their environmental impact. She was CEO of Carbon Transition
Analytics and a Non-Executive Director of Henderson Far East Income Limited. She was also on the advisory board of
WHEB Asset Management, an impact investor focused on the opportunities created by the transition to a low carbon and
sustainable global economy and was formerly a Managing Director of Industry Tracker, a climate research house.
• Resolution 8 relates to the re-election of Mrs Anne Marie Cannon who was appointed on 16 January 2024 and has over 40
years’ experience in the energy industry and investment banking and is an experienced director, holding executive and non-
executive roles. She is currently Deputy Chair at Aker BP ASA and was formerly a Non-Executive Director of Harbour Energy
plc, STV Group plc, Aker ASA and Aker Energy AS. In addition, she is a Senior Advisor in the Strategic Advisory business at
PJT Partners. Mrs Cannon was previously a Senior Advisor at Morgan Stanley and a Director at Schroder Wagg and was an
Executive Director on the boards of Hardy Oil & Gas plc and British Borneo plc. She has also held financial and commercial
roles at Shell UK and Thomson North Sea.
Ordinary resolutions relating to the following items of special business will be proposed at the forthcoming Annual General
Meeting.
Resolutions 9 and 10 – Reappointment of the external auditor and the auditors’ remuneration:
These resolutions relate to the reappointment and remuneration of the Company’s auditor. The Company, through its
Audit and Management Engagement Committee, has considered the independence and objectivity of the external auditor
and are satisfied that the auditor remains independent. Further information in relation to the assessment of the auditor’s
independence can be found on pages 81 and 82.
Special Business
Resolution 11 – Continuation of the Company as an investment trust:
The ordinary resolution to be proposed will seek shareholders’ authority that the Company shall continue in being as an
investment trust.
Resolution 12 – Authority to allot shares:
The Directors may only allot shares if authorised to do so by shareholders in a general meeting. This resolution seeks to renew
the authority of the Directors to allot ordinary shares up to an aggregate nominal amount of £102,197 which is equivalent to
10,219,799 ordinary shares of 1p each and represents 10% of the Company’s issued ordinary share capital (excluding any
treasury shares) as at the date of the Notice of the Annual General Meeting. The Directors will use this authority when it is in
the best interests of the Company to issue ordinary shares. This authority will expire at the conclusion of the Annual General
Meeting to be held in 2027 unless renewed prior to that date.
Contents
62 BlackRock Energy and Resources Income Trust plc l Annual Report and Financial Statements 30 November 2025
Job No: 103107 Proof Event: 16 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Directors’ report
continued
The following special resolutions relating to the following items of special business will be proposed at the forthcoming Annual
General Meeting.
Resolution 13 – Authority to disapply pre‑exemption rights:
By law, Directors require specific authority from shareholders before allotting new shares or selling shares out of treasury for
cash without first offering them to existing shareholders in proportion to their holdings.
Resolution 13 empowers the Directors to allot new ordinary shares for cash or to sell ordinary shares held by the Company
in treasury for cash, otherwise than to existing shareholders on a pro rata basis, subject to the passing of resolution 12, up
to an aggregate nominal amount of £102,197 which is equivalent to 10,219,799 ordinary shares and represents 10% of the
Company’s issued ordinary share capital as at the date of the Notice of Annual General Meeting. This authority will expire at
the conclusion of the Annual General Meeting of the Company to be held in 2027 unless renewed prior to that date.
All shares allotted, or sold from treasury, pursuant to this resolution 13 would be at a premium to the prevailing NAV per
ordinary share.
Resolution 14 – Authority to buy back shares:
The resolution to be proposed will seek to renew the authority granted to Directors enabling the Company to purchase its own
shares. The Directors will only consider repurchasing shares in the market if they believe it to be in shareholders’ interests and
as a means of correcting any imbalance between supply and demand for the Company’s shares. The Directors are seeking
authority to purchase up to 15,329,699 ordinary shares, being approximately 14.99% of the issued share capital (excluding
treasury shares) as at the date of the Notice of Annual General Meeting. This authority will expire at the conclusion of the
Annual General Meeting to be held in 2027 unless renewed prior to that date.
Any ordinary shares purchased pursuant to resolution 14 shall be cancelled immediately upon completion of the purchase or
held, sold, transferred or otherwise dealt with as treasury shares in accordance with the provisions of the Companies Act 2006.
Resolution 15 – Notice period for General Meetings:
This resolution 15 empowers the Directors to hold general meetings (other than annual general meetings) on 14 clear days’
notice, which is the minimum notice period permitted by the Companies Act 2006. The Companies Act 2006 increases the
minimum notice period to 21 days unless three conditions are met.
The first condition is that the general meeting is not an annual general meeting. The second condition is that the Company
offers facilities for shareholders to vote by electronic means. The third condition is that there is a resolution of shareholders
approving the reduction in the minimum notice period from 21 days to 14 days, hence this resolution being proposed. It is not
intended that this power will be used as a matter of course, rather that this flexibility will be utilised where the Board believes
that the nature of the business to be conducted requires that a general meeting be convened at 14 days’ notice.
Recommendation
Your Board considers that each of the resolutions to be proposed at the Annual General Meeting is likely to promote the
success of the Company for the benefit of its members as a whole and are in the best interests of the Company and its
shareholders as a whole. The Directors unanimously recommend that shareholders vote in favour of the resolutions, as they
intend to do in respect of their own beneficial holdings.
Corporate governance
Full details are given in the Corporate Governance Statement on pages 71 to 77. The Corporate Governance Statement forms
part of this Directors’ Report.
Contents
Section 3: Governance 63
Job No: 103107 Proof Event: 16 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Auditor
A resolution to re-appoint Deloitte LLP as the Company’s auditors will be proposed at the forthcoming Annual General
Meeting, together with a resolution to authorise the Audit and Management Engagement Committee to determine their
remuneration.
The Directors’ Report was approved by the Board at its meeting on 5 February 2026.
By order of the Board
GRAHAM VENABLES
For and on behalf of
BlackRock Investment Management (UK) Limited
Company Secretary
5 February 2026
Contents
64 BlackRock Energy and Resources Income Trust plc l Annual Report and Financial Statements 30 November 2025
Job No: 103107 Proof Event: 16 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
The Board presents the Directors’ Remuneration Report for the year ended 30 November 2025 which has been prepared in
accordance with Sections 420-422 of the Companies Act 2006 and Schedule 8 of the Large and Medium-sized Companies
and Groups (Accounts and Reports) Regulations 2008 (Accounting Regulations) as amended.
The law requires the Company’s Auditor to audit certain of the disclosures provided. Where disclosures have been audited,
they are indicated as such. The Auditor’s opinion is included in their report on pages 88 to 94.
Statement by the chairman
A key driver of the remuneration policy is that fees payable to Directors should be sufficient to attract and retain individuals
with suitable knowledge and experience to promote the long-term success of the Company whilst also reflecting the time
commitment and responsibilities of the role. The Board’s focus is on setting the strategy for the successful progression of the
Company and monitoring performance against the strategic objectives set. In order to do this effectively, Directors spend a
substantial amount of time preparing for the six scheduled Board meetings and three Audit and Management Engagement
Committee meetings held each year. At these meetings, the Directors review the Company’s portfolio, monitor investment
performance and review compliance with investment guidelines.
The Board also reviews and monitors the Company’s ongoing operating costs to ensure that these represent optimal value and
are in line with agreed budgets. In addition, the Board sets the marketing strategy of the Company and contributes to a sales
and marketing initiative operated by BlackRock; the Board has set key performance indicators to monitor progress and reviews
these on a regular basis to monitor and assess the effectiveness of this initiative. The Board monitors the Company’s share
rating closely and is responsible for determining the appropriate action to be taken to manage this where necessary.
Directors are also responsible for establishing and maintaining the Company’s control systems to manage risk effectively,
and a register of these controls and the risks facing the Company are reviewed at each Audit and Management Engagement
Committee meeting, along with control reports from external auditors. Directors also receive an annual update from
BlackRock’s internal audit department. As well as this usual business, Directors also spend additional time as and when
required in ad hoc meetings to address other issues as they arise, including the Board’s response to emerging risks.
Investment trusts are subject to a large number of regulatory and disclosure requirements, including the requirements of
the UK Code, UKLA Listing Rules, and Investment Trust Company tax regulations. The regulatory burden has increased
significantly in recent years, with the implementation of AIFMD, GDPR, Foreign Account Tax Compliance Act (FATCA) and the
Common Reporting Standard requiring considerable additional time to be spent by the Board to ensure that new depositary
and management agreements comply with best industry practice. There are yet more new regulatory obligations that will
become applicable to the Company over the next few years, all of which are expected to generate an increased workload for
Directors, and the Board will continue to be mindful of this in setting remuneration levels.
For the year ended 30 November 2025, the Chairman received an annual fee of £43,500, the Audit and Management
Engagement Committee Chairman received £36,000 per annum and the other Directors received £31,000 per annum with an
additional fee of £1,000 for the Senior Independent Director. Following a review on 18 November 2025, it was agreed that with
effect from 1 December 2025 the Chairman would receive an annual fee of £46,000, the Audit and Management Engagement
Committee Chairman would receive £38,000 per annum and the other Directors receive £33,000 per annum with an additional
fee of £1,000 for the Senior Independent Director. Prior to this, Directors’ fees were last increased on 1 December 2024 .
Additional information in respect of the Board’s remuneration and the basis for determining the level of any increase in the
Directors’ remuneration is set out in the Directors’ Remuneration Policy on pages 69 and 70.
No discretionary fees have been paid to Directors during the year or since inception and the payment of such fees is expected
to be a rare occurrence, only necessary in exceptional circumstances. Any discretionary fees paid to the Directors will be
clearly disclosed in the Directors’ Remuneration Report accompanied by an explanation of the work undertaken and why it was
deemed necessary to pay such additional remuneration.
AGM Resolution – votes ‘against’ in excess of 20%
At the Company’s Annual General Meeting held on 20 March 2025, resolution 2 (to approve the Directors’ Remuneration
Report for the year ended 30 November 2024) received 10.6 million votes against, representing 42% of total shares voted. The
substantial majority of these votes were cast by a single shareholder, and the Board, in conjunction with its Broker (Winterflood
Securities Limited), has discussed the reasons for the ‘against’ vote with this shareholder. The main issues raised concerned
the level and persistence of the discount to NAV at which the Company’s shares had traded over time.
Directors’ remuneration report
Contents
Section 3: Governance 65
Job No: 103107 Proof Event: 16 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
The Board highlighted its policies for managing its share rating as described below. To the extent this policy may impact
on scale, the Board has sought to insulate shareholders from the risk of a smaller scale impacting cost by negotiating with
BlackRock a further reduction in the cap on operating costs in 2024 from 1.25% to 1.15% of NAV. The Board further notes
the measures it has undertaken to address the discount, which has resulted in a narrowing of the discount to 8.3% as at
2February 2026.
In addition, the Board highlighted that it had regularly sought the views of other shareholders, who have generally been
supportive, and the importance of ensuring that views of all shareholders were taken into account. It also noted that
the Company had announced on 26 February 2025 that it would offer a continuation vote at the 2026 AGM to allow all
shareholders to have a voice in respect of the future of their investment in the Company.
Remuneration committee
The Board as a whole fulfils the function of the Remuneration Committee and considers any change in the Directors’
remuneration policy. A separate Committee has therefore not been established. The Company’s Directors as at the date of this
report are all non-executive and are independent of the Manager. No advice or services were provided by any external agencies
or third parties in respect of remuneration levels.
Remuneration/service contracts
The maximum remuneration of the Directors is determined within the limits of the Company’s Articles and currently amounts
in aggregate to £200,000 per annum. No element of the Directors’ remuneration is performance related.
None of the Directors is entitled to receive from the Company:
• performance related remuneration;
• any benefits in kind except reasonable travel expenses in the course of travel to attend meetings and duties undertaken on
behalf of the Company;
• share options;
• rewards through a long-term incentive scheme;
• a pension or other retirement benefit; and
• compensation for loss of office.
The Company has no employees and consequently no consideration is required to be given to employment conditions
elsewhere in setting Directors’ fees.
All of the Directors are non-executive. None of the Directors has a service contract with the Company and the terms of their
appointment are detailed in a letter of appointment. New directors are appointed for an initial term of three years and it is
expected that they will serve two further three-year terms. The continuation of an appointment is contingent on satisfactory
performance evaluation and re-election at each Annual General Meeting (AGM). A director may resign by notice in writing to
the Board at any time, there is no notice period. The letters of appointment are available for inspection at the registered office
of the Company.
Implementation of the remuneration policy
The Directors intend that the Company’s Remuneration Policy will be implemented as set out on pages 64 to 70. The Directors’
remuneration policy on page 69 and the policy table on page 70 form part of this report. The Directors do not receive any
performance related remuneration or incentives. Discretionary payments are permitted under the policy; however, such
discretionary payments would only be considered in exceptional circumstances.
Directors’ remuneration report
continued
Contents
66 BlackRock Energy and Resources Income Trust plc l Annual Report and Financial Statements 30 November 2025
Job No: 103107 Proof Event: 16 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Directors’ remuneration report
continued
Remuneration implementation report
A single figure for total remuneration of each Director is set out in the table below for the year ended 30 November 2025:
Year ended 30 November 2025 Year ended 30 November 2024
Directors
Fees
Taxable
benefits
1
Total Fees
Taxable
benefits
1
Total
£ £ £ £ £ £
Adrian Brown (Chairman) 43,500 – 43,500 42,000 – 42,000
Andrew Robson 36,000 – 36,000 35,000 – 35,000
Anne Marie Cannon
2
32,000 – 32,000 26,858 – 26,858
Carole Ferguson 31,000 – 31,000 30,000 – 30,000
Dr Carol Bell
3
– – – 8,978 – 8,978
Total 142,500 – 142,500 142,836 – 142,836
1
Taxable benefits relate to travel and subsistence costs.
2
Mrs Cannon joined the Board with effect from 16 January 2024 and was appointed Senior Independent Director effective 16 March
2024.
3
Dr Bell retired from the Board with effect from 15 March 2024.
No discretionary payments were made in the year to 30 November 2025 (2024: £nil).
The information in the table above has been audited. The amounts paid by the Company to the Directors were for services as
non-executive Directors. The Directors receive no variable remuneration.
At 30 November 2025, fees of £12,000 (2024: £12,000) were outstanding to Directors in respect of their annual fees. No
payments were made in the period to any past Directors (2024: £nil).
Relative importance of spend on pay
As the Company has no employees, the table above also comprises the total remuneration costs and benefits paid by the
Company. To enable shareholders to assess the relative importance of spend on pay, this has been shown in the table below
compared to the Company’s net profit after taxation, total operating expenditure and dividend distributions.
2025 2024 Change
£’000 £’000 £’000
Directors’ total remuneration 143 143 –
Total dividends paid and payable 5,429 5,556 -127
Issue of ordinary shares – – –
Buy back of ordinary shares 12,480 11,288 +1,192
Net revenue profit after tax 4,076 4,541 -465
Contents
Section 3: Governance 67
Job No: 103107 Proof Event: 16 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Annual percentage change in Directors’ remuneration
The following table sets out the annual percentage change in Directors’ fees for the past five years:
30 November
2025
30 November
2024
30 November
2023
30 November
2022
30 November
2021
Adrian Brown
1
3.6% 5.0% 8.4% 36.7% 2.5%
Andrew Robson
2
2.9% 2.9% 0.0% 13.5% n/a
Anne Marie Cannon
3
3.2% n/a n/a n/a n/a
Carole Ferguson
4
3.3% 3.4% 6.1% n/a n/a
Dr Carol Bell
5
n/a -70.1% 3.4% 7.4% 0.0%
Ed Warner
6
n/a n/a n/a -69.4% 0.0%
Michael Merton
7
n/a n/a n/a n/a -71.0%
1
Mr Brown was appointed as Chairman with effect from 16 March 2022.
2
Mr Robson was appointed as a Director with effect from 8 December 2020 and was appointed Audit and Management Engagement
Committee Chairman with effect from 16 March 2021.
3
Mrs Cannon was appointed as a Director with effect from 16 January 2024 and was appointed Senior Independent Director with
effect from 16 March 2024.
4
Mrs Ferguson was appointed as a Director with effect from 22 December 2021.
5
Dr Bell retired as a Director with effect from 15 March 2024.
6
Mr Warner retired as Chairman and as a Director with effect from 15 March 2022.
7
Mr Merton retired as Audit and Management Engagement Committee Chairman and as a Director with effect from 16 March 2021.
As previously noted, the Company does not have any employees and hence no comparisons are given in respect of the
comparison between Directors’ and employees’ pay increases.
Shareholdings
The interests of the Directors in the ordinary shares of the Company are set out in the table below. The Company does not
have a share option scheme, therefore none of the Directors has an interest in any share options in the Company. There is no
requirement for Directors to hold shares in the Company.
30 November
2025
30 November
2024
Ordinary
shares
Ordinary
shares
Mr Adrian Brown 35,000 35,000
Mrs Carole Ferguson 14,505 14,505
Mr Andrew Robson 35,000 35,000
Mrs Anne Marie Cannon 15,000 15,000
The information in the table above has been audited.
All the holdings of the Directors are beneficial. No other changes to these holdings have been notified up to the date of this report.
Retirement of Directors
Further details are given in the Directors’ Report on page 58.
Performance
The following graph compares the Company’s net asset value and share price performance with the performance of an
equivalent investment in a reference index; 50% EMIX Global Mining Index and 50% MSCI World Energy Index up to 31May
2020. From 1 June 2020 to 31 July 2023, the reference index has been adjusted to represent a blend of 40% EMIX Global
Mining (ex Gold) Index, 30% MSCI World Energy Index and 30% S&P Global Clean Energy Transition Index. Effective 1 August
2023, on the discontinuation of the EMIX Global Mining (ex Gold) Index, it was replaced by MSCI ACWI Select Metals & Mining
Producers Ex Gold and Silver IMI Net Index. This reference index is deemed to be the most appropriate as the Company has
global mining and energy investment objectives, with energy transition stocks forming an increasingly important part of both
the mining and energy sectors.
Contents
68 BlackRock Energy and Resources Income Trust plc l Annual Report and Financial Statements 30 November 2025
Job No: 103107 Proof Event: 16 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Performance from 30 November 2015 to 30 November 2025
100
140
180
220
260
300
340
380
420
460
Nov 15 Nov 18 Nov 25
Share price performanceNAV performance
Sources: BlackRock and LSEG Datastream.
Performance figures are calculated on a total return basis in British Pound Sterling terms, with dividends reinvested.
Share price and NAV at 30 November 2020, rebased to 100.
%
Nov 16 Nov 17
Reference index
3
Nov 19 Nov 20 Nov 22 Nov 23 Nov 24
Nov 21
1
Up to 31 May 2020, the reference index in the chart above was comprised of 50% EMIX Global Mining Index and 50% MSCI World Energy
Index. From 1 June 2020 and up to 31 July 2023 the reference index is comprised of a blend of 40% EMIX Global Mining (ex Gold) Index,
30% MSCI World Energy Index and 30% S&P Global Clean Energy Transition Index. Effective 1 August 2023, on the discontinuation of
the EMIX Global Mining (ex Gold) Index, it was replaced by MSCI ACWI Select Metals & Mining Producers Ex Gold and Silver IMI Net Index.
The first two indices are a reasonable proxy for the types of investment that are held within the Mining and Traditional Energy components
of the Company’s portfolio, and the recent changes to the S&P Global Clean Energy Transition Index have made it more representative of
the Energy Transition sector. The Energy Transition section of the Company’s portfolio invests in a wide range of stocks with exposure to
the Energy Transition theme which are not included within the S&P Global Clean Energy Transition Index, including mining stocks that
produce materials used in the renewable transport and energy sectors, as described in more detail in the Investment Managers’ report on
pages 11 to 23.
Performance figures are calculated in British Pound Sterling terms, with dividends reinvested. Rebased to 100 at 30 November
2015.
By order of the Board
ADRIAN BROWN
Chairman
5 February 2026
Directors’ remuneration report
continued
Contents
Section 3: Governance 69
Job No: 103107 Proof Event: 16 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
In setting the appropriate level of Directors’ fees, a number of factors are considered, including the workload of the Directors,
their responsibilities, any change in these responsibilities and additional legal duties (for example as a result of new legislation
being implemented), the relationship with their suppliers and service providers and the size and complexity of the Company.
The time commitment required, the level of skills and appropriate experience required and the need for Directors to maintain
on an ongoing basis an appropriate level of knowledge of regulatory and compliance requirements in an industry environment
of increasing complexity are also taken into account. The Board also considers the average rate of inflation during the period
since the last fee increase and reviews the level of remuneration in comparison with other investment trusts of a similar size
and/or mandate, as well as taking account of any data published by the Association of Investment Companies to ensure
that fees are in line with industry practice. This comparison, together with consideration of any alteration in non-executive
Directors’ responsibilities, is used to review whether any change in remuneration is necessary. The review is performed on
an annual basis. Directors’ salaries were reviewed at the Board meeting held on 18 November 2025 and the Board agreed to
increase the Directors’ salaries with effect from 1 December 2025, the Chairman would receive an annual fee of £46,000, the
Audit and Management Engagement Committee Chairman would receive £38,000 per annum and the other Directors would
receive £33,000 per annum with an additional fee of £1,000 for the Senior Independent Director. More information is given in
the Corporate Governance Statement on pages 71 and 72.
The Company has no employees and consequently no consideration is required to be given to employment conditions
elsewhere in setting this policy and there has been no employee consultation.
No element of the Directors’ remuneration is performance related or subject to recovery or withholding (except for tax).
Directors cannot be awarded any share options or long-term performance incentives. None of the Directors has a service
contract with the Company or receives any non-cash benefits (except as described in the policy table), pension entitlements or
compensation for loss of office.
The remuneration policy would be applied when agreeing the remuneration package of any new Director. The terms of
Directors’ appointments are detailed in a letter sent to them when they join the Board. These letters are available for inspection
at the registered office of the Company. Directors’ appointments do not have a fixed duration, but they can be terminated by
the Company in writing at any time without obligation to pay compensation. On termination of the appointment, Directors
shall only be entitled to accrued fees as at the date of termination together with reimbursement of any expenses properly
incurred prior to that date. No payments for loss of office are made. Directors are subject to annual re-election.
Consideration of shareholders’ views
An ordinary resolution to approve the remuneration report is put to members at each AGM. The Company is committed to
ongoing shareholder dialogue and takes an active interest in voting outcomes. Shareholders have the opportunity to express
their views and ask questions in respect of the remuneration policy at the AGM. To date, no shareholders have commented
in respect of the remuneration policy. In the event that there was a substantial vote against any resolution proposed at the
Company’s AGM, the reasons for any such vote would be sought and appropriate action taken. Should the votes be against
resolutions in relation to the directors’ remuneration, further details will be provided in future Directors’ Remuneration
Reports.
In accordance with the Companies Act 2006, the Company is required to seek shareholder approval of its remuneration policy
on a triennial basis as detailed on page 70. An ordinary resolution for the approval of the remuneration policy was approved by
shareholders at the AGM held on 13 March 2023, with 97.59% of votes cast (including votes cast at the Chairman’s discretion)
in favour and 2.41% votes cast against.
The remuneration policy will next be put to a binding shareholder vote at the AGM to be held in March 2026.
The Directors’ Remuneration Report was also last approved by shareholders at the AGM held on 20 March 2025, with 57.92%
of votes cast (including votes cast at the Chairman’s discretion) in favour and 42.08% of votes cast against.
Any discretionary fees paid to the Directors will be clearly disclosed in the Directors’ Remuneration Report accompanied by an
explanation of the work undertaken.
Directors’ remuneration policy
Contents
70 BlackRock Energy and Resources Income Trust plc l Annual Report and Financial Statements 30 November 2025
Job No: 103107 Proof Event: 16 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Future policy table
Purpose and link to strategy Fees payable to Directors should be sufficient to attract and retain individuals of high calibre with
suitable knowledge and experience. Those chairing the Board and key Committees should be
paid higher fees than other Directors in recognition of their more demanding roles. Fees should
reflect the time spent by Directors on the Company’s affairs and the responsibilities borne by the
Directors.
Description Current levels of fixed annual fee (with effect from 1 December 2025):
Chairman – £46,000
Audit and Management Engagement Committee Chairman – £38,000
Senior Independent Director – £34,000
Director – £33,000
All reasonable expenses to be reimbursed.
Maximum and minimum
levels
Remuneration consists of a fixed fee each year, set in accordance with the stated policies and any
increase granted must be in line with the stated policies.
The Company’s Articles of Association provide that the Directors are paid fees for their services not
exceeding in the aggregate an annual sum of £200,000 or such larger amount as the Company
may by Ordinary Resolution decide divided between the Directors as they agree.
In accordance with the provisions of the Company’s Articles of Association, the Directors are
entitled to be repaid all reasonable travelling, hotel and other expenses incurred by them
respectively in or about the performance of their duties as Directors. There is a limit of £10,000 in
relation to the amount payable in respect of expenses reimbursed.
These ceilings have been set at a level to provide flexibility in respect of the recruitment of
additional Board members and inflation.
Policy on share ownership Directors are not required to own shares in the Company.
Fixed fee element The Board reviews the quantum of Directors’ fees each year to ensure that they are in line with the
level of Directors’ remuneration for other investment trusts of a similar size. When considering
any changes in fees, the Board will take into account wider factors such as the average rate of
inflation over the period since the previous review, and the level and any change in complexity of
the Directors’ responsibilities (including additional time commitments as a result of increased
regulatory or corporate governance requirements). Directors are not eligible to be compensated for
loss of office, nor are they eligible for bonuses, pension benefits, share options or other incentives
or benefits. Directors do not have service contracts, but are appointed under letters of appointment.
Discretionary payments The Company’s Articles authorise the payment of discretionary fees to Directors for any additional
work undertaken on behalf of the Company which is outside of their normal duties. Any such
extra work undertaken is subject to the prior approval of the Chairman or, in the case of the
Chairman undertaking the extra work, subject to the prior approval of the Chairman of the Audit
and Management Engagement Committee. The level of discretionary fees shall be determined
by the Directors. Any discretionary fees paid will be disclosed in the Director’s remuneration
implementation report within the Annual Report. The payment of such fees would only be
considered in exceptional circumstances and any discretionary fees paid will be clearly disclosed.
Taxable benefits Some expenses incurred by Directors are required to be treated as taxable benefits. Taxable
benefits include (but are not limited to) travel expenses incurred by the Directors in the course of
travel to attend Board and Committee meetings which are held at the Company’s registered offices
in London, and which are reimbursed by the Company and therefore treated as a benefit in kind
and are subject to tax and national insurance. The Company’s policy in respect of this element of
remuneration is that all reasonable costs of this nature will be reimbursed as they are incurred,
including the tax and national insurance costs incurred by the Director on such expenses.
Directors’ remuneration policy
continued
Contents
Section 3: Governance 71
Job No: 103107 Proof Event: 16 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Chairman’s introduction
Corporate governance is the process by which the Board seeks to look after shareholders’ interests and protect and enhance
shareholder value. Shareholders hold the Directors responsible for the stewardship of the Company, delegating authority and
responsibility to the Directors to manage the Company on their behalf and holding them accountable for its performance.
The Board is ultimately responsible for framing and executing the Company’s strategy and for closely monitoring risks.
We aim to run our Company in a manner which is responsible and consistent with our belief in honesty, transparency and
accountability. In our view, good governance means managing our business well and engaging effectively with investors. We
consider the practice of good governance to be an integral part of the way we manage the Company and we are committed to
maintaining high standards of financial reporting, transparency and business integrity.
As a UK-listed investment trust company our principal reporting obligation is driven by the UK Corporate Governance Code
(the UK Code) issued by the Financial Reporting Council in July 2018. However, as listed investment trust companies differ
in many ways from other listed companies, the Association of Investment Companies has drawn up its own set of guidelines,
the AIC Code of Corporate Governance (the AIC Code) issued in February 2019, which addresses the governance issues
relevant to investment companies and meets the approval of the Financial Reporting Council. Both the UK Code and the AIC
Code apply to accounting periods beginning on or after 1 January 2019. The Board has determined that it has complied with
the recommendations of the AIC Code. This in most material respects is the same as the UK Code, save that there is greater
flexibility regarding the tenure of the Chairman and membership of the audit committee.
The 2018 Corporate Governance Code was updated in January 2024 and will apply to financial years beginning on or after
1 January 2025.
This report, which is part of the Directors’ Report, explains how the Board addresses its responsibility, authority and
accountability.
Compliance
The Board has made the appropriate disclosures in this report to ensure that the Company meets its continuing obligations. It
should be noted that, as an investment trust, most of the Company’s day-to-day responsibilities are delegated to third parties,
the Company has no employees and the Directors are non-executive.
Therefore, not all of the provisions of the UK Code are directly applicable to the Company.
The Board considers that the Company has complied with the recommendations of the AIC Code and the provisions contained
within the UK Code that are relevant to the Company throughout this accounting period, except the provisions relating to:
• the need for an internal audit function;
• the role of the chief executive; and
• executive directors’ remuneration.
For the reasons set out in the AIC Code of Corporate Governance, and as explained in the UK Code, the Board considers that
these provisions are not relevant to the position of the Company being an externally managed investment company with no
executive employees. In view of BlackRock having an internal audit function it does not consider it necessary for the Company
to have its own internal audit function. The Board receives regular reports from BlackRock’s internal audit function. In addition,
BlackRock’s internal audit department provides an annual presentation to the Audit Committee chairmen of the BlackRock
investment trusts on the results of testing performed in relation to BlackRock’s internal control processes.
The UK Code is available from the Financial Reporting Council’s website at www.frc.org.uk. The AIC Code is available from the
Association of Investment Companies at www.theaic.co.uk.
Information on how the Company has applied the principles of the AIC Code and UK Code is set out below.
Board composition
The Board currently consists of four non-executive Directors. All the Directors will stand for re-election at the forthcoming
Annual General Meeting and the biographies of all the Directors can be found on pages 37 and 38. The refreshment of the
Board will remain as an ongoing process to ensure that the Board is well balanced through the appointment of new Directors
with the skills and experience necessary. Directors must be able to demonstrate commitment to the Company, including in
terms of time.
Corporate governance statement
Contents
72 BlackRock Energy and Resources Income Trust plc l Annual Report and Financial Statements 30 November 2025
Job No: 103107 Proof Event: 16 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
All Directors are considered to be independent of the Company’s Manager. The provision of the UK Code which relates to
the combination of the roles of the chairman and chief executive does not apply as the Company has no executive directors.
The UK Code recommends that the Board should appoint one of the independent non-executive directors to be the senior
independent director.
The Directors’ biographies, on pages 37 and 38 demonstrate a breadth of investment knowledge, business and financial skills
which enable them to provide effective strategic leadership and proper governance of the Company. Details of the Chairman’s
other significant time commitments can also be found on page 37.
Diversity
While the Board does not have a formal policy on diversity, it recognises the benefits at Board level and believes that Directors
should have a mix of different skills, experience, backgrounds, ethnicity, gender and other characteristics.
The Parker Review in respect of board diversity and the recent changes to the FCA’s Listing Rules set new diversity targets
and associated disclosure requirements for UK companies listed on the premium and standard segment of the London Stock
Exchange. Listing Rule 22 Annex 1 requires listed companies to include a statement in their annual reports and accounts in
respect of certain targets on board diversity, or if those new targets have not been met to disclose the reasons for this.
Further information on the composition and diversity of the Board and its Committees as at 30 November 2025 can be found
in the disclosure table which follows below.
Gender
Number of
Board Members Percentage of Board
Number of
senior roles held¹
Men 2 50% 2
Women 2 50% 1
Ethnicity²
,
³
White British (or any other white
background) 3 75% 3
Mixed/Multiple Ethnic Groups 0 0% 0
Asian/Asian British 1 25% 0
Black/African/Caribbean/Black British 0 0% 0
Other ethnic group, including Arab 0 0% 0
1
According to the Listing Rules, the Chairman and Senior Independent Director are defined as senior positions. In addition, the
Company considers that the role of the Audit and Management Engagement Chairman is a senior position.
² Categorisation of ethnicity is stated in accordance with the Office of National Statistics classification.
³ Columns corresponding to the ‘Number in executive management’ and ‘Percentage of executive management’ are not included in
the table. These are inapplicable as the Company is externally managed and does not have executive management functions.
Board independence and tenure
Details of the Board’s policy on tenure and independence are set out on pages 58 and 59.
Directors’ appointment, retirement and rotation
The rules concerning the appointment, retirement and rotation of Directors are discussed in the Directors’ Report on pages 58
and 59. Appointments of new Directors are made on a formalised basis, with the Nomination Committee agreeing the selection
criteria and method of selection. The services of an external search consultant may be used to identify suitable candidates.
None of the Directors has a service contract with the Company. The terms of their appointment are detailed in a letter sent to
them when they join the Board. These letters are available for inspection at the registered office of the Company and will be
available at the AGM.
Corporate governance statement
continued
Contents
Section 3: Governance 73
Job No: 103107 Proof Event: 16 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Directors’ training and induction
When a new Director is appointed to the Board, he or she is provided with all relevant information regarding the Company and
his or her duties and responsibilities as a Director. In addition, a new Director will also spend some time with representatives
of the Manager, including the Portfolio Managers and the Company Secretary, whereby he or she will become familiar with the
various processes which are considered necessary for the performance of their duties and responsibilities.
The Company’s policy is to encourage Directors to keep up to date and attend training courses on matters which are directly
relevant to their involvement with the Company. The Directors also receive regular briefings from, amongst others, the Auditor
and the Company Secretary regarding any proposed developments or changes in law or regulations that could affect them or
the Company.
Directors’ liability insurance
The Company has maintained appropriate Directors’ liability insurance cover throughout the year.
The Board’s responsibilities
The Board is responsible to shareholders for the effective stewardship of the Company and a formal schedule of matters
reserved for the decision of the Board has been adopted. Investment policy and strategy are determined by the Board. It is also
responsible for the gearing policy, dividend policy, public documents such as the Annual Report and Financial Statements,
the terms of the discount control mechanism, buy back policy and corporate governance matters. In order to enable them to
discharge their responsibilities effectively the Board has full and timely access to relevant information.
The Board currently meets at least six times a year to review investment performance, financial reports and other reports of
a strategic nature. Board or Board committee meetings are also held on an ad hoc basis to consider particular issues as they
arise. Key representatives of the Manager and/or Investment Manager attend each meeting and between these meetings there
is regular contact with the Manager and Investment Manager.
The Board has direct access to company secretarial advice and the services of the Manager which, through its nominated
representative, is responsible for ensuring that Board and Committee procedures are followed and that applicable regulations
are complied with. The appointment and removal of the Company Secretary is a matter for the whole Board.
The Board has established a procedure whereby Directors wishing to do so in the furtherance of their duties, may take
independent professional advice at the Company’s expense.
Performance evaluation
A formal appraisal system has been agreed for the evaluation of the Board, its Committees and the individual Directors,
including the Chairman.
External evaluation
A formal appraisal system has been agreed for the evaluation of the Board, its Committees and the individual Directors,
including the Chairman.
The annual evaluation for the year ended 30 November 2025 has been carried out. This took the form of questionnaires
followed by discussions to identify how the effectiveness of the Board’s activities, including its Committees, policies or
processes might be enhanced. An external evaluation was conducted in 2023, and the benefit of future external evaluations
will be kept under review.
The Chairman also reviewed with each Director their individual performance, contribution and commitment. The appraisal of
the Chairman followed the same format and was led by the Senior Independent Director. The results of the evaluation process
were presented to and considered by the Board. There were no significant actions arising from the evaluation process and it
was agreed that the current composition of the Board and its Committees reflected a suitable mix of skills and experience, and
that the Board as a whole, the individual Directors and its Committees were functioning effectively.
Contents
74 BlackRock Energy and Resources Income Trust plc l Annual Report and Financial Statements 30 November 2025
Job No: 103107 Proof Event: 16 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Delegation of responsibilities
The Board has delegated the following areas of responsibility:
Management and administration
The management of the investment portfolio and the administration of the Company have been contractually delegated to
BFM as the Company’s AIFM, and BFM (with the permission of the Company) has delegated certain investment management
and other ancillary services to BIM (UK) (the Investment Manager). The contractual arrangements with the Manager are
summarised on page 56.
The Manager, operating under guidelines determined by the Board, has direct responsibility for the decisions relating to the
day-to-day running of the Company and is accountable to the Board for the investment, financial and operating performance
of the Company.
The review of the Manager’s performance is an ongoing duty and responsibility of the Board which is carried out at every
Board meeting. In addition, a formal review is undertaken annually, details of which are set out above.
The assets of the Company have been entrusted to the Depositary for safekeeping. The Depositary is The Bank of New York
Mellon (International) Limited. The address at which the business is conducted is given on page 133.
The Board has delegated the exercise of voting rights attaching to the securities held in the portfolio to the Investment
Manager. Details of the Investment Managers’ voting policy are set out on page 57.
Committees of the board
The Board has appointed a number of committees as set out below and on page 36. Copies of the terms of reference of each
committee are available on request from the Company’s registered office, on the BlackRock website at www.blackrock. com/
uk/beri and at each Annual General Meeting.
Audit and Management Engagement Committee
The Audit and Management Engagement Committee consists of Andrew Robson who acts as Chairman, Anne Marie Cannon,
Adrian Brown and Carole Ferguson. Mr Brown is not a member of the Committee but may attend by invitation.
Further details are provided in the Report of the Audit and Management Engagement Committee on pages 78 to 82.
Nomination Committee
The Nomination Committee comprises all the Directors and is chaired by the Chairman of the Board. The role of the Committee
is to review Board structure, size and composition, the balance of knowledge, experience and skills range and to consider
succession planning and tenure policy. Appointments of new Directors are made on a formalised basis, with the Nomination
Committee agreeing the selection criteria and method of selection. The services of an external search consultant may be used
to identify suitable candidates.
The Committee meets at least once a year and more regularly if required.
Remuneration Committee
The Company’s policy on Directors’ remuneration, together with details of the remuneration of each Director, is detailed in the
Directors’ Remuneration Report on pages 64 to 68.
As stated in the Directors’ Remuneration Report, the full Board determines the level of Directors’ fees and accordingly there is
no separate Remuneration Committee.
Internal controls
The Board is responsible for the internal controls of the Company and for reviewing their effectiveness, for ensuring that
financial information published or used within the business is reliable, and for regularly monitoring compliance with
regulations governing the operation of investment trusts. The Board reviews the effectiveness of the internal control systems
to identify, evaluate and manage the Company’s significant risks. As part of that process, there are procedures designed to
capture and evaluate any failings or weaknesses. Should a matter be categorised by the Board as significant, procedures exist
to ensure that necessary action is taken to remedy the failings. The Board is not aware of any significant failings or weaknesses
arising in the year under review.
Corporate governance statement
continued
Contents
Section 3: Governance 75
Job No: 103107 Proof Event: 16 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Control of the risks identified, covering financial, operational, compliance and risk management, is embedded in the operations
of the Company. There is a monitoring and reporting process to review these controls, which has been in place throughout the
year under review and up to the date of this report carried out by the Manager’s corporate audit department. This accords with
the Financial Reporting Council’s ‘Internal Control: Revised Guidance for Directors on the UK Corporate Governance Code’.
The Company’s risk register sets out the risks relevant to the Company and describes, where relevant, the internal controls
that are in place at the AIFM, the Investment Manager and other third party service providers to mitigate these risks. The Audit
and Management Engagement Committee (the Committee) formally reviews this register on a semi-annual basis and BFM as
the Company’s AIFM reports on any significant issues that have been identified in the period. In addition, BlackRock’s internal
audit department provides an annual presentation to the Audit and Management Engagement Committee Chairman on the
results of testing performed in relation to BlackRock’s internal control processes. The Depositary also reviews the control
processes in place at the Custodian, the Fund Accountant and the AIFM and reports formally to the Committee twice yearly.
Both the AIFM and the Depositary will escalate issues and report to the Committee outside of these meetings on an ad hoc
basis to the extent this is required. The Committee also receives annual and quarterly Service Organisation Control (SOC 1)
reports respectively from BlackRock and other key service providers on the internal controls of their respective operations,
together with the opinion of their reporting accountants.
The Board recognises that these control systems can only be designed to manage rather than to eliminate the risk of failure to
achieve business objectives, and to provide reasonable, but not absolute, assurance against material misstatement or loss, and
relies on the operating controls established by the Manager and the Custodian. The Investment Manager prepares revenue
forecasts and management accounts which allow the Board to assess the Company’s activities and review its performance.
The Board and the Investment Manager have agreed clearly defined investment criteria, specified levels of authority and
exposure limits. Reports on these issues, including performance statistics and investment valuations, are submitted to the
Board at each meeting.
Internal audit function
The Company does not have its own internal audit function, as all the administration is delegated to the Manager. The Board
monitors the controls in place through the Manager’s internal audit department and considers that there is currently no need
for the Company to have its own internal audit function, although this matter is kept under review.
Financial reporting
The Statement of Directors’ Responsibilities in respect of the Annual Report and Financial Statements is set out on pages 83
and 84, the Report of the Independent Auditor on pages 88 to 94 and the Statement of Going Concern on page 58.
Socially responsible investment
Generally, investment trusts do not employ staff and accordingly have no direct impact on social matters but can be significant
investors in the economies of the regions in which they invest. The Company invests primarily in the securities of companies
operating in the mining and energy sectors around the world in a range of countries which have varying degrees of corporate
governance standards. The Investment Managers’ evaluation procedures and financial analysis of the companies within the
portfolio includes research and appraisal, and also takes into account environmental policies, social, ethical and other business
issues. In this regard, the Natural Resources team works closely with the BlackRock Active Investment Stewardship team.
The Company’s investment process is ESG integrated. The Investment Manager defines ESG integration as the practice of
explicitly incorporating ESG information into investment decisions to help enhance risk-adjusted returns.
Details on ESG integration can be found in the Strategic Report on pages 53 and 54.
BlackRock reports its stewardship activities to regulators and may also report them to third-party organizations, which
assess whether those activities adhere to their respective stewardship codes. While BlackRock’s stewardship activities
are undertaken in support of our clients’ investment objectives, we believe the work of our stewardship functions aligns
with the guidance set out in different market-level stewardship codes such as the UK Financial Reporting Council’s
Stewardship Code. BlackRock has enjoyed signatory status to the revised 2020 UK Stewardship Code since 2021.
As mandated by signatory status to the Code, every year BlackRock submits a report on its investment stewardship
activities to the Financial Reporting Council, which oversees the Code. The Financial Reporting Council then assesses
the report against the Code’s 12 Principles and reporting expectations. Based on this annual submission, BlackRock’s
signatory status to the Code was first granted in September 2021, renewed in October 2022, August 2023, and again
most recently in July 2024. BlackRock’s most recent submission to the Financial Reporting Council is available here:
https://www.blackrock.com/corporate/literature/publication/annual-stewardship-report-2024-summary.pdf.
Contents
76 BlackRock Energy and Resources Income Trust plc l Annual Report and Financial Statements 30 November 2025
Job No: 103107 Proof Event: 16 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
BlackRock’s statement of adherence to the UK Stewardship Code is available here:
https://www.blackrock.com/corporate/insights/investment-stewardship/blackrock-investment-stewardship.
Bribery prevention policy
The provision of bribes of any nature to third parties in order to gain a commercial advantage is prohibited and is a criminal
offence. The Board has a zero tolerance policy towards bribery and a commitment to carry out business fairly, honestly
and openly. The Board takes its responsibility to prevent bribery very seriously. The Manager has anti-bribery policies and
procedures in place which are high level, proportionate and risk-based, which are periodically reviewed by the Board. The
Company’s other service providers have been contacted in respect of their anti-bribery policies and, where necessary,
contractual changes are made to existing agreements in respect of anti-bribery provisions.
Criminal Finances Act 2017
The Company has a commitment to zero tolerance towards the criminal facilitation of tax evasion.
Communication with shareholders
All shareholders have the opportunity to attend and vote at the AGM. The Notice of Annual General Meeting is sent out at least
20 working days in advance of the meeting and sets out the business of the meeting and any item not of an entirely routine
nature is explained in the Directors’ Report on pages60 to 62, separate resolutions are proposed for substantive issues.
In addition, regular updates on performance are available to shareholders and the Investment Manager will review the
Company’s portfolio and performance at the AGM, where the Board and representatives of the Investment Manager will be
available to answer shareholders’ queries. Proxy voting figures will be announced to shareholders at the AGM and will be
made available on the Company’s website at www.blackrock.com/uk/beri shortly after the meeting. In accordance with the
UK Corporate Governance Code, when, in the opinion of the Board, a significant proportion of votes have been cast against a
resolution at any general meeting, the Board will explain, when announcing the results of voting, what actions it intends to take
to understand the reasons behind the vote result.
The Company’s willingness to enter into discussions with institutional shareholders is also demonstrated by the programmes
of institutional presentations made by the Investment Manager. The Board discusses any feedback from meetings with
shareholders with the Investment Manager at each Board meeting. It also receives reports from its corporate broker in relation
to the views of shareholders and demand for the Company’s shares.
There is a section within this report entitled ‘Additional Information – Shareholder Information’ on pages 128 to 130, which
provides an overview of useful information available to shareholders.
The Company’s financial statements, regular factsheets and other information are also published on the BlackRock website at
blackrock.com/uk/beri. The work undertaken by the Auditor does not involve consideration of the maintenance and integrity
of the website and, accordingly, the Auditor accepts no responsibility for any changes that have occurred to the financial
statements since they were initially presented on the website. Visitors to the website need to be aware that legislation in the
United Kingdom governing the preparation and dissemination of the accounts may differ from legislation in their jurisdiction.
Packaged retail and insurance-based investment products (PRIIPs) regulation (the
‘Regulation’)
This Regulation (as onshored in the UK and amended) requires that anyone manufacturing, advising on, or selling a PRIIP to a
retail investor in the UK must comply with the regulation. Shares issued by Investment Trusts fall into scope of the regulation.
Investors should be aware that the Regulation requires the AIFM, as PRIIPs manufacturer, to prepare a key information
document (‘KID’) in respect of the Company. This KID must be made available, free of charge, to UK retail investors prior to
them making any investment decision and have been published on BlackRock’s website. The Company is not responsible
for the information contained in the KID and investors should note that the procedures for calculating the risks, costs and
potential returns are prescribed by the Regulation. The figures in the KID may not reflect the expected returns for the Company
and anticipated performance returns cannot be guaranteed.
The PRIIPs KID in respect of the Company can be found at: www.blackrock.com/uk/beri. The disclosure of charges is under
review.
Corporate governance statement
continued
Contents
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Job No: 103107 Proof Event: 16 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Consumer Duty
The FCA’s Consumer Duty rules were published in July 2022. The rules comprise a fundamental component of the FCA’s
consumer protection strategy and aim to improve outcomes for retail customers across the entire financial services industry
through the assessment of various outcomes, one of which is an assessment of whether a product provides value. Under
the Consumer Duty, the Manager is the product ‘manufacturer’ of the Company and therefore the Manager was required to
publish its assessment of value from April 2023.
The Manager developed an assessment methodology that considered a wide range of factors, including the quality of services
delivered, the performance of the Company (against both benchmark and peers) and total costs associated with the product
(including management fees and entry and exit fees as applicable to the Company). The Manager also considered whether all
consumers, including vulnerable consumers, were able to receive fair value from the product. The Manager has concluded that
the Company is providing value based on the above assessment. The Board reviewed the Manager’s assessment methodology
to gain an understanding of the basis used, and no concerns were identified with either the assessment method or the
outcome of the assessment.
The Board reviewed the Manager’s assessment methodology to gain an understanding of the basis used, and no concerns
were identified with either the assessment method or the outcome of the assessment.
Disclosure guidance and transparency rules
Other information required to be disclosed pursuant to the Disclosure Guidance and Transparency Rules has been placed
in the Directors’ Report on pages 55 to 63 because it is information which refers to events that have taken place during the
course of the year.
By order of the Board
ADRIAN BROWN
Chairman
5 February 2026
Contents
78 BlackRock Energy and Resources Income Trust plc l Annual Report and Financial Statements 30 November 2025
Job No: 103107 Proof Event: 16 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
As Chairman of the Audit and Management Engagement Committee (the Committee) I am pleased to present the Committee’s
report to shareholders for the year ended 30November 2025.
Composition
All of the Directors at the date of this report, except the Chairman of the Board, are members of the Committee. The Chairman
may attend the Committee meetings by invitation. The Committee is composed of Mr Robson (who acts as Chairman),
Mrs Ferguson and Mrs Cannon.
The Directors’ biographies are given on pages 37 and 38 and the Board considers that at least two members of the Committee
have sufficient recent and relevant financial experience for the Committee to discharge its function effectively. The Board is
also satisfied that the Audit and Management Engagement Committee as a whole has competence relevant to the sector in
which the Company operates.
Role and responsibilities
During the year under review the Committee met three times. Two of the three planned meetings were held prior to the Board
meetings to approve the half yearly and annual results in July and January respectively. The third meeting is held in late
November or early December to start the report and accounts preparation process.
The Committee operates within written terms of reference detailing its scope and duties and these are available on the
Company’s website at www.blackrock.com/uk/beri. The Committee’s principal duties, as set out in the terms of reference, fall
into seven main categories, as set out below. In accordance with these duties the principal activities of the Committee during
the year included:
Internal controls, financial reporting and risk management systems
• reviewing the adequacy and effectiveness of the Company’s internal financial controls and the internal control and risk
management systems;
• reasonably satisfying itself that such systems meet relevant legal and regulatory requirements;
• monitoring the integrity of the financial statements including the half yearly and annual report and financial statements;
• reviewing the consistency of, and any changes to, accounting policies;
• reviewing the half yearly and annual report and financial statements to ensure that the Company’s results and financial
position are represented accurately and fairly to shareholders;
• reviewing semi-annual reports from the Manager on its activities as AIFM; and
• reviewing half yearly reports from the Depositary on its activities.
Narrative reporting
• reviewing the content of the annual report and financial statements and advising the Board on whether, taken as a whole,
it is fair, balanced and understandable and provides the information necessary for shareholders to assess the Company’s
position, performance, business model and strategy.
External audit
• making recommendations to the Board, to be put to shareholders for approval at the Annual General Meeting (AGM) in
relation to the appointment, re-appointment and removal of the Company’s external auditor;
• overseeing the relationship with the external auditor;
• meeting with the auditor and at least once without management being present;
• reviewing and approving the annual audit plan;
• reviewing the findings of the audit with the external auditor, including any major issues which arose during the audit, any
accounting and audit judgements and the level of errors identified during the audit; and
• reviewing any representation letters requested by the external auditor before signature by the Board.
The fees paid to the external auditor are set out in note5 on page 105. An explanation on how auditor objectivity and
independence are safeguarded is reported under ‘Assessment of the effectiveness of the external audit process’ on pages 81
and 82.
Report of the audit and management
engagement committee
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Section 3: Governance 79
Job No: 103107 Proof Event: 16 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Management engagement
• reviewing the management contract to ensure that the terms remain competitive;
• satisfying itself that the continuing appointment of the Manager is in the interests of shareholders as a whole;
• to consider the appointment or re-appointment of the Manager and the level of management fees;
• considering the appointment of third party service providers; and
• ensuring that third party service providers comply with the terms of their agreements and that the provisions of such
agreements remain competitive.
Reporting responsibilities
• reporting to the Board on its proceedings and how it has discharged its responsibilities making whatever recommendations
it deems appropriate on any area within its remit; and
• compiling a report on its activities to be included in the annual report and financial statements.
Whistleblowing and fraud
• reviewing the adequacy and security of the Manager’s arrangements for its employees and contractors to raise concerns, in
confidence about possible wrongdoing in financial reporting or other matters insofar as they affect the Company.
Internal audit
• considering the need for an internal audit function, as set out in the Corporate Governance Statement on page 75.
Whistleblowing policy
The Committee has reviewed and accepted the whistleblowing policy that has been put in place by the Manager under which its
staff, in confidence, can raise concerns about possible improprieties in matters of financial reporting or other matters, insofar as
they affect the Company.
Internal audit
The Company does not have its own internal audit function, as all the administration is delegated to the Manager. The
Committee considers that it is sufficient to rely on the internal audit department of BlackRock. The requirement for an internal
audit function is kept under review.
United Kingdom Single Electronic Format regulatory technical standard (UKSEF)
We considered the preparation of our financial statements in digital form under the UKSEF taxonomy and regulatory technical
standard. As this was the first report in this format, we made sure the necessary procedures had been completed by all parties,
including the technical accounting team of the Manager, our fund accountants, The Bank of New York Mellon and a specialist
information technology provider.
Audit Committee Standard
The Financial Reporting Council’s Audit Committee Standard ‘Audit Committees and the External Audit: Minimum Standard’
was published in May 2023 with immediate effect. It is applicable to FTSE 350 companies with a premium listing on the London
Stock Exchange and will operate on a comply or explain basis until the creation of the Audit, Reporting and Governance Authority
(ARGA), at which time compliance will be mandated. This Standard is not anticipated to have a significant impact on the
Company, but the Audit and Management Engagement Committee will be reviewing its current practices against the Standard to
avoid any non compliance when ARGA is formed.
Significant issues considered regarding the annual report and financial statements
During the year, the Committee considered a number of significant issues and areas of key audit risk in respect of the Annual
Report and Financial Statements. The Committee reviewed the external audit plan at an early stage and concluded that the
appropriate areas of audit risk relevant to the Company had been identified by the auditor and discussed the audit procedures
and plan with the auditors. The table on pages 80 and 81 sets out the key areas of risk identified by the Committee and also
explains how these were addressed by the Committee.
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80 BlackRock Energy and Resources Income Trust plc l Annual Report and Financial Statements 30 November 2025
Job No: 103107 Proof Event: 16 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
As the provision of portfolio valuation, fund accounting and administration services is delegated to the Company’s Manager,
which sub-delegates fund accounting to The Bank of New York Mellon (International) Limited, and the provision of depositary
services is contracted to BNY, the Committee has also reviewed the SOC 1 reports prepared by BlackRock, the Registrar, the
Custodian and Fund Accountant. This enables the Committee to ensure that the control procedures in place over the areas of
risk identified in the following table are adequate and appropriate and have been designated as operating effectively by their
reporting auditor.
Significant issue
The accuracy of the valuation of the investment portfolio.
How the issue was addressed
Listed investments are valued using stock exchange prices provided by third party pricing vendors. Unquoted or illiquid
investments, are valued by the Directors based on recommendations from BlackRock’s Pricing Committee. Where appropriate,
valuations are done at least once a month by an independent third party and reviewed by the Pricing Committee. As at 30
November 2025, there were four unquoted holding amounting to a total value of £12,238,000. The Board reviews portfolio
valuations at each of its Board meetings and receives confirmation from the Manager that the pricing basis is appropriate, in
line with relevant accounting standards as adopted by the Company and that the carrying values are materially correct. The
Board also relies on the Manager’s and Fund Accountant’s controls which are documented in an annual and a semi-annual
internal controls report respectively which is reviewed by the Audit Committee. Investments which are subject to international
sanctions are valued at nil in the financial statements.
Significant issue
The risk of misappropriation of assets and unsecured ownership of investments.
How the issue was addressed
The Depositary is responsible for financial restitution for the loss of financial investments held in custody. The Depositary
reports to the Committee twice a year. The Committee reviews reports from its service providers on key controls over the assets
of the Company and will take action to address any significant issues that are identified in these reports, which may include
direct discussions with representatives of the relevant service providers to obtain more detailed information surrounding any
matters of concern and gaining assurance that appropriate remediation action has been taken. Any significant issues are
reported by the Manager to the Committee. The Manager has put in place procedures to ensure that investments can only be
made to the extent that the appropriate contractual and legal arrangements are in place to protect the Company’s assets.
Significant issue
The risk that income is overstated, incomplete or inaccurate through failure to recognise proper income entitlements or to
apply the appropriate accounting treatment for recognition of income.
How the issue was addressed
The Committee reviews income forecasts, including special dividends and option income and receives explanations from
the Investment Manager for any variations or significant movements from previous forecasts and prior year figures. The
Committee also reviews the facts and circumstances of all special dividends to determine the revenue/capital treatment.
The Board reviews the option transactions at each board meeting to confirm revenue treatment. The Directors also review a
detailed schedule of dividends received from portfolio holdings at each meeting which sets out current and historic dividend
rates, and the amounts accrued. Any significant movements or unusual items are discussed with the Manager. The Committee
also reviews SOC 1 Reports from its service providers, including the Company’s Fund Accountant and Custodian, The Bank
of New York Mellon (International) Limited. These reports include information on the control processes in place to ensure the
accurate recording of income, and any exceptions are highlighted to the Committee and will be investigated further to ensure
that appropriate remediation action has been taken where relevant. Dividend income from investments which are subject to
international sanctions have been accounted for, but are fully provided for in the financial statements.
Report of the audit and management
engagement committee continued
Contents
Section 3: Governance 81
Job No: 103107 Proof Event: 16 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Significant issue
The accuracy of the calculation of management fees.
How the issue was addressed
The management fee is calculated in accordance with the contractual terms in the investment management agreement by the
Fund Accountants and is reviewed in detail by the Manager and is also subject to analytical review by the Board.
External audit and tender process
The Committee is mindful of the regulations on mandatory auditor rotation which require the appointment of a new auditor
or perform an audit tender every ten years. As a result, the Company carried out a formal tender process in July 2023 and
Deloitte LLP was selected as the Company’s new independent auditors for the year ended 30 November 2024. The Committee
will continue to review the auditors’ appointment each year to ensure that the Company is receiving an optimal level of
service. There are no contractual obligations that restrict the Company’s choice of auditors. The Committee appointed an
internal Selection Panel (the Panel) on its behalf to review the competitive tender bids and make recommendations to it for
consideration.
The Committee is responsible for overseeing the relationship with the external auditors and for considering their terms of
engagement, remuneration, effectiveness, independence and continued objectivity. The Committee reviews annually the
audit requirements of the Group, for the business and in the context of the external environment, placing great importance on
ensuring a high quality, effective external audit process.
Assessment of the effectiveness of the external audit process
The Committee has primary responsibility for assessing the effectiveness of the external audit process and for making
recommendations to the Board on the appointment, reappointment or removal of the external auditor. It considers the
planning, scope, quality of performance, cost effectiveness and independence of the external auditor. The Committee reviews
and approves the external audit plan in advance of the audit and throughout the year, any non-audit services proposed to be
performed by the external auditor. The external audit plan includes an analysis of the key audit risks and calculations of audit
materiality, which the Committee considers in forming its assessment of key risks to the Company’s financial statements.
To assess the effectiveness of the external audit, members of the Committee work closely with the Manager to obtain a
good understanding of the quality and efficiency of the audit. The Committee has adopted a formal framework to review the
effectiveness of the external audit process and audit quality. This includes a review of the following areas:
• the quality of the audit engagement partner and the audit team;
• the expertise of the audit firm and the resources available to it;
• identification of areas of audit risk;
• planning, scope and execution of the audit;
• consideration of the appropriateness of the level of audit materiality adopted;
• the role of the Committee, the Manager and other third party service providers in an effective audit process;
• communication, by the Auditor, with the Committee;
• how the Auditor supports the work of the Committee;
• a review of independence and objectivity of the audit firm; and
• the quality of the formal audit report to shareholders.
Feedback in relation to the audit process and also of the effectiveness of the Manager in performing its role is also sought
from relevant involved parties, including the audit partner and team.
The external auditor is invited to attend the Committee meetings at which the half yearly and annual report and financial
statements are considered and at which they have the opportunity to meet with the Committee without representatives of
Contents
82 BlackRock Energy and Resources Income Trust plc l Annual Report and Financial Statements 30 November 2025
Job No: 103107 Proof Event: 16 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
the Manager or Investment Manager being present. The effectiveness of the external audit process is assessed principally in
relation to how successfully any issues in respect of areas of accounting judgement are identified and resolved, the quality
and timeliness of papers analysing these judgements, the views of the independent auditors and the booking of any audit
adjustments arising, and the timely provision of draft public documents for review by the Auditor and the Committee.
To form a conclusion with regard to the independence of the external Auditor, the following factors are considered. The
Committee considers whether the skills and experience of the auditor make them a suitable supplier of the non-audit services
and whether there are safeguards in place to ensure that there is no threat to its objectivity and independence in the conduct
of the audit resulting from the provision of such services. On an ongoing basis, Deloitte reviews the independence of its
relationship with the Group and reports to the Committee, providing details of any other relationships with the Manager.
As part of this review, the Auditor will provide the Committee with information about policies and processes for maintaining
independence and monitoring compliance with relevant requirements. This will include information on the rotation of audit
partners and staff, the level of fees that the Group pays, details of any relationships between the audit firm and its staff and the
Group as well as an overall confirmation from the auditor of its independence and objectivity.
As a result of their review, the Committee has concluded that the external audit has been conducted effectively and also that
Deloitte is independent of the Group.
Conclusions in respect of the Annual Report and Financial Statements
The production and the audit of the Group’s annual report and financial statements is a comprehensive process requiring
input from a number of different contributors. In order to reach a conclusion that the annual report and financial statements
are fair, balanced and understandable, the Board has requested that the Committee advise on whether these criteria are
satisfied. In doing so the Committee has given consideration to the following:
• the comprehensive control framework over the production of the annual report and financial statements including the
verification process in place to deal with the factual content;
• the extensive levels of review that are undertaken in the production process by the Manager, the Depositary and the
Committee;
• the Manager and other third party service provider controls to ensure the completeness and accuracy of the Group’s financial
records and the security of the Group’s assets; and
• the existence of satisfactory SOC 1 reports to verify the effectiveness of the internal controls of the Manager, Custodian,
Fund Accountant and other key service providers.
The Committee has reviewed the Annual Report and Financial Statements and is satisfied that, taken as a whole, they are
fair, balanced and understandable. In reaching this conclusion, the Committee has assumed that the reader of the Annual
Report and Financial Statements would have a reasonable level of knowledge of the investment trust industry in general and
of investment trusts in particular. The Committee has reported on these findings to the Board who affirm the Committee’s
conclusions in the Statement of Directors’ Responsibilities in respect of the Annual Report and Financial Statements on
pages83 and 84.
ANDREW ROBSON
Chairman
Audit and Management Engagement Committee
5 February 2026
Report of the audit and management
engagement committee continued
Contents
Section 3: Governance 83
Job No: 103107 Proof Event: 16 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
The Directors are responsible for preparing the Annual Report and the Financial Statements in accordance with applicable
United Kingdom law and regulations.
Company law requires the Directors to prepare financial statements for each financial year. Under that law, the Directors
have elected to prepare the Group and Parent Company financial statements in accordance with UK-adopted International
Accounting Standards (IFRSs). Under company law the Directors must not approve the financial statements unless they are
satisfied that they give a true and fair view of the state of affairs of the Group and the Company and of the profit or loss of the
Group and the Company for that period.
In preparing these financial statements, the Directors are required to:
• select suitable accounting policies in accordance with IAS8 Accounting Policies, Changes in Accounting Estimates and
Errors and then apply them consistently;
• present information, including accounting policies, in a manner that provides relevant, reliable, comparable and
understandable information;
• make judgements and estimates that are reasonable and prudent;
• in respect of the Group financial statements, state whether UK-adopted International Accounting Standards have been
followed, subject to any material departures disclosed and explained in the financial statements;
• provide additional disclosures when compliance with the specific requirements in IFRSs is insufficient to enable users to
understand the impact of particular transactions, other events and conditions on the Group and Company financial position
and financial performance;
• in respect of the Parent Company financial statements, state whether UK-adopted International Accounting Standards, have
been followed, subject to any material departures disclosed and explained in the financial statements; and
• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group and/or the
Company will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Group’s
and the Company’s transactions and disclose with reasonable accuracy at any time the financial position of the Group and the
Company and enable them to ensure that the Group and Company financial statements comply with the Companies Act 2006.
They are also responsible for safeguarding the assets of the Group and Parent Company and hence for taking reasonable
steps for the prevention and detection of fraud and other irregularities.
Under applicable law and regulations, the Directors are also responsible for preparing a Strategic Report, Directors’ Report,
Directors’ Remuneration Report, Corporate Governance Statement and the Report of the Audit and Management Engagement
Committee that comply with that law and those regulations. The Directors have delegated responsibility to the Manager for the
maintenance and integrity of the Group’s corporate and financial information included on the BlackRock website. Legislation
in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in
other jurisdictions.
The Directors confirm, to the best of their knowledge:
• that the consolidated financial statements prepared in accordance with UK-adopted International Accounting Standards, give a
true and fair view of the assets, liabilities, financial position and profit of the Parent Company and undertakings included in the
consolidation taken as a whole;
• that the annual report, including the strategic report, includes a fair review of the development and performance of the
business and the position of the Company and undertakings included in the consolidation taken as a whole, together with a
description of the principal risks and uncertainties that they face; and
Statement of Directors’ responsibilities
in respect of the Annual Report and
Financial Statements
Contents
84 BlackRock Energy and Resources Income Trust plc l Annual Report and Financial Statements 30 November 2025
Job No: 103107 Proof Event: 16 Black Line Level: 6 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
• that they consider the annual report, taken as a whole, is fair, balanced and understandable and provides the information
necessary for shareholders to assess the company’s position, performance, business model and strategy.
In order to reach a conclusion on this matter, the Board has requested that the Audit and Management Engagement
Committee advise on whether it considers that the Annual Report and Financial Statements fulfils these requirements.
The process by which the Committee has reached these conclusions is set out in the Audit and Management Engagement
Committee’s Report on pages 78 to 82. As a result, the Board has concluded that the Annual Report for the year ended
30 November 2025, taken as a whole, is fair, balanced and understandable and provides the information necessary for
shareholders to assess the Group’s and the Company’s position, performance, business model and strategy.
For and on behalf of the Board
ADRIAN BROWN
Chairman
5 February 2026
Statement of Directors’ responsibilities
in respect of the Annual Report and
Financial Statements continued
Contents
Contents
Job No: 103107 Proof Event: 15 Black Line Level: 5 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Contents
Financial
statements
Section 4: Financial statements 87
Job No: 43774 Proof Event:7 Black Line Level: 2 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2020 T: 0207 055 6500 F: 020 7055 6600
Gold producers Firefly Metals, Kinross Gold and gold royalty
company Wheaton Precious Metals were notable contributors to
performance. Canadian-based Kinross operates six active gold
mines in Brazil, Mauritania and the United States.
PHOTO COURTESY OF KINROSS GOLD
Contents
88 BlackRock Energy and Resources Income Trust plc l Annual Report and Financial Statements 30 November 2025
Job No: 103107 Proof Event: 15 Black Line Level: 5 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
1. Opinion
We have audited the financial statements which comprise:
• the consolidated statement of comprehensive income;
• the consolidated statement of changes in equity;
• the parent company statement of changes in equity;
• the consolidated and parent company statements of
financial position;
• the consolidated and parent company cash flow
statements; and
• the related notes 1 to 20.
The financial reporting framework that has been applied
in their preparation is applicable law and United Kingdom
adopted international accounting standards and, as regards
the parent company financial statements, as applied in
accordance with the provisions of the Companies Act 2006.
2. Basis for opinion
We conducted our audit in accordance with International
Standards on Auditing (UK) (ISAs (UK)) and applicable
law. Our responsibilities under those standards are further
described in the auditor’s responsibilities for the audit of the
financial statements section of our report.
We are independent of the Group and the parent company in
accordance with the ethical requirements that are relevant to
our audit of the financial statements in the UK, including the
Financial Reporting Council’s (the ‘FRC’s’) Ethical Standard
as applied to listed public interest entities, and we have
fulfilled our other ethical responsibilities in accordance with
these requirements. We confirm that we have not provided
any non-audit services prohibited by the FRC’s Ethical
Standard to the Group or the parent company.
We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion.
3. Summary of our audit approach
Key audit matters The key audit matter that we identified
in the current year was valuation and
existence of investments.
Within this report, key audit matter is
identified as follows:
Similar level of risk
Materiality The materiality that we used for the
Group financial statements was
£1,828,000 which was determined
on the basis of 1% of net assets as at
30November 2025.
Scoping The audit team concluded that the Group
contained two components, the parent
company and the subsidiary company,
BlackRock Energy and Resources
Securities Income Company Limited. We
scoped our audit at the significant account
balance level, scoping in two components
for audit procedures on one or more
classes of transactions, account balances
or disclosures that together represent
100% of Group’s net assets, 100% of
Group’s revenue and 100% of Group’s
profit before tax.
Audit work to respond to the risks of
material misstatement was performed
directly by the audit engagement team.
4. Conclusions relating to going concern
In auditing the financial statements, we have concluded that
the directors’ use of the going concern basis of accounting in
the preparation of the financial statements is appropriate.
Our evaluation of the directors’ assessment of the Group’s
and parent company’s ability to continue to adopt the going
concern basis of accounting included:
• Obtaining an understanding of the Board’s process for
evaluating the Group’s ability to continue as a going
concern;
• Reviewing the Board’s proposed changes to the Group’s
strategy, including the impact that may have on
shareholder intentions;
• Assesing the likely outcome of the continuation vote on the
ongoing viability of the Group by reviewing shareholder
analysis and holding discussions with the Board;
• Reviewing the output of management’s assessment of the
Group’s ability to remain an Investment Trust;
• Assessing the performance and position of the Group,
including its cash position, dividend income and
management fee expenses;
Independent auditor’s report
to the members of BlackRock Energy and Resources Income Trust plc
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• Assessing whether the Group has complied with the
covenant tests for its borrowing facility in order to assess
the continued availability of funds;
• Assessing the risks to the investment portfolio of market
altering factors such as stock volatility and illiquidity;
• Assessing the impact of geopolitical events and cost
inflation;
• Assessing the Group’s ability to cover its expenses for the
12-month period from the date of signing the financial
statements, including the ability of the Group to exit
underperforming investments, if needed; and
• Assessing the appropriateness of the disclosures in the
financial statements relating to going concern.
Based on the work we have performed, we have not identified
any material uncertainties relating to events or conditions
that, individually or collectively, may cast significant doubt
on the Group’s and parent company’s ability to continue as
a going concern for a period of at least twelve months from
when the financial statements are authorised for issue.
In relation to the reporting on how the Group has applied the
UK Corporate Governance Code, we have nothing material
to add or draw attention to in relation to the directors’
statement in the financial statements about whether the
directors considered it appropriate to adopt the going
concern basis of accounting.
Our responsibilities and the responsibilities of the directors
with respect to going concern are described in the relevant
sections of this report.
5. Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial
statements of the current period and include the most significant assessed risks of material misstatement (whether or not
due to fraud) that we identified. These matters included those which had the greatest effect on: the overall audit strategy; the
allocation of resources in the audit; and directing the efforts of the engagement team.
These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion on these matters.
5.1. Valuation and existence of investments
Key audit matter description The Group held investments of £190.1m as at 30 November 2025 (2024: £189.8m). The
parent company held investments of £190.1m (2024: £190.7m). These represent the most
quantitatively significant financial statement line on the statement of financial position and
make up 99.7% (2024: 97.5%) of total assets of the Group at 30 November 2025.
There is a risk that investments may not be valued correctly or may not exist. This may result in
a material misstatement within the investments held at fair value through profit or loss and we
consider that there is a potential area for fraud since investment return is a key performance
indicator for the Group.
The accounting policy on investments can be found in note 2(h) and details of the investments
are disclosed in note 10 to the financial statements.
How the scope of our audit
responded to the key audit
matter
We performed the following procedures to address the key audit matter identified:
• Inspected the internal controls report over the administrator to obtain an understanding
of relevant controls relating to valuation and existence of investments;
• With involvement of financial instruments specialists assessed the valuation
methodology applied in valuation of unlisted investments;
• Independently valued 100% of the listed investment portfolio to closing bid prices
published by an independent pricing source;
• Agreed 100% of the Group’s investment portfolio at the year end to confirmations
received directly from the custodian and the depositary;
• Evaluated the liquidity of a sample of the holdings at year end by comparing the holding
size to the shares traded after the year end to determine if the valuation is reflective of
quoted prices in an active market;
• Assessed the completeness and appropriateness of disclosures in relation to fair value
measurements and liquidity risk; and
• Made enquiries of the manager and directors regarding their assessment of the portfolio
pricing and liquidity.
Key observations Based on the work performed, we concluded that the valuation and existence of investments
are appropriate.
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90 BlackRock Energy and Resources Income Trust plc l Annual Report and Financial Statements 30 November 2025
Job No: 103107 Proof Event: 15 Black Line Level: 5 Park Communications Ltd Alpine Way London E6 6LA
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6. Our application of materiality
6.1. Materiality
We define materiality as the magnitude of misstatement in the financial statements that makes it probable that the economic
decisions of a reasonably knowledgeable person would be changed or influenced. We use materiality both in planning the
scope of our audit work and in evaluating the results of our work.
Based on our professional judgement, we determined materiality for the financial statements as a whole as follows:
Group financial statements Parent company financial statements
Materiality £1,828,000 (2024: £1,673,000) £1,737,000 (2024: £1,589,000)
Basis for
determining
materiality
1% of net assets (2024: 1% of net assets) 1% of company net assets (2024: 1% of company
net assets)
Rationale for the
benchmark applied
Net assets have been chosen as we concluded that
it represented the most relevant benchmark for
investors and is a key driver of shareholder value.
Net assets have been chosen as we concluded that
it represented the most relevant benchmark for
investors and is a key driver of shareholder value.
6.1. Materiality
Net Assets £183m
Net Assets
Group materiality
Group materiality
£1.83m
Audit Committee
reporting threshold
£0.09m
Highest component
performance materiality
£1.22m
Lowest component
performance
materiality £1
6.2. Performance materiality
We set performance materiality at a level lower than materiality to reduce the probability that, in aggregate, uncorrected and
undetected misstatements exceed the materiality for the financial statements as a whole.
Group financial statements Parent company financial statements
Performance
materiality
70% (2024: 70%) of Group materiality 70% (2024: 70%) of parent company materiality
Basis and
rationale for
determining
performance
materiality
In determining performance materiality, we considered the following factors:
a. The company’s structure and operating model.
b. The continuity in place within the business from the previous year with both management and the
administrator.
c. Our experience from prior period audits, where there has not been a history of uncorrected
misstatements or controls deficiencies.
d. The quality of the control environment and whether we were able to rely on controls.
6.3. Error reporting threshold
We agreed with the audit committee that we would report to the committee all audit differences in excess of £0.09m (2024: £0.08m),
as well as differences below that threshold that, in our view, warranted reporting on qualitative grounds. We also report to the audit
committee on disclosure matters that we identified when assessing the overall presentation of the financial statements.
Independent auditor’s report
continued
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7. An overview of the scope of our audit
7.1. Identification and scoping of components
Our audit was scoped by obtaining an understanding of the
Group and parent company and its environment, including
internal controls and assessing the risks of material
misstatement. The audit team concluded that the Group
contained two components, the parent company and the
subsidiary company, BlackRock Energy and Resources
Securities Income Company Limited.
Due to the portfolio of investments held by the parent
company which makes up 99.7% (2024: 97.9%) total assets
of the Group, the parent company was identified as an in
scope component. For the parent company component,
we applied a component performance materiality equal to
£1,216,000.
In determining the scope of work to be performed on specific
components of the Group, we considered the risk associated
with account balances and classes of transactions scoped
for Group. We scoped our audit at the significant account
balance level, scoping in two components for audit
procedures on one or more classes of transactions, account
balances or disclosures that together represent 100% of
Group’s net assets, 100% of Group’s revenue and 100%
Group’s profit before tax.
All audit work to respond to the risks of material
misstatement was performed directly by the audit
engagement team.
7.2. Our consideration of the control environment
The Bank of New York Mellon (International) Limited
(“BNYM”), provides day to day administration of the Group
and is also responsible for the Group’s general administrative
functions, including the calculation and publication of the
net asset value and maintenance of the Group’s accounting
and statutory records.
In assessing the Group’s control environment, we considered
controls in place at the administrator. As part of this we
reviewed BNYM’s Service Organisation Controls (“SOC 1”)
report and gained an understanding of the relevant controls
relating to valuation and existence of investments. We also
reviewed the SOC 1 report in respect of general IT controls.
Further, we obtained an understanding of relevant business
processes and controls including those relevant to the
Group’s financial reporting.
7.3. Our consideration of climate-related risks
In planning our audit, we have considered the potential
impact of climate change on the Group’s business and its
financial statements. The Group continues to develop its
assessment of the potential impacts of environmental,
social and governance factors (“ESG”) on the Group,
including climate change, as outlined on page 53 of the
strategic report. As part of our audit, we held discussions
with management to understand the process of identifying
climate-related risks, management’s determination of
mitigating actions and the impact on the Group’s financial
statements. We performed our own qualitative risk
assessment of the potential impact of climate change on the
Group’s account balances and classes of transactions. We
have read the disclosures in relation to climate change made
in the other information within the annual report to consider
whether the disclosures are materially consistent with the
financial statements and our knowledge obtained from our
audit. Management has identified there to be no material
impact arising from climate change on the judgements and
estimates made in the financial statements, as disclosed in
note 2 (a). We have also evaluated the appropriateness of
disclosures included in the financial statements.
8. Other information
The other information comprises the information included
in the annual report, other than the financial statements and
our auditor’s report thereon. The directors are responsible for
the other information contained within the annual report.
Our opinion on the financial statements does not cover
the other information and, except to the extent otherwise
explicitly stated in our report, we do not express any form of
assurance conclusion thereon.
Our responsibility is to read the other information and,
in doing so, consider whether the other information is
materially inconsistent with the financial statements or our
knowledge obtained in the course of the audit, or otherwise
appears to be materially misstated.
If we identify such material inconsistencies or apparent
material misstatements, we are required to determine
whether this gives rise to a material misstatement in the
financial statements themselves. If, based on the work
we have performed, we conclude that there is a material
misstatement of this other information, we are required to
report that fact.
We have nothing to report in this regard.
9. Responsibilities of directors
As explained more fully in the directors’ responsibilities
statement, the directors are responsible for the preparation
of the financial statements and for being satisfied that they
give a true and fair view, and for such internal control as the
directors determine is necessary to enable the preparation
of financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are
responsible for assessing the Group’s and the parent
company’s ability to continue as a going concern, disclosing
as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either
intend to liquidate the Group or the parent company or to
cease operations, or have no realistic alternative but to do so.
Contents
92 BlackRock Energy and Resources Income Trust plc l Annual Report and Financial Statements 30 November 2025
Job No: 103107 Proof Event: 15 Black Line Level: 5 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
10. Auditor’s responsibilities for the audit of the
financial statements
Our objectives are to obtain reasonable assurance about
whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and
to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is
not a guarantee that an audit conducted in accordance with
ISAs (UK) will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic
decisions of users taken on the basis of these financial
statements.
A further description of our responsibilities for the audit of
the financial statements is located on the FRC’s website at:
www.frc.org.uk/auditorsresponsibilities. This description
forms part of our auditor’s report.
11. Extent to which the audit was considered
capable of detecting irregularities, including
fraud
Irregularities, including fraud, are instances of non-
compliance with laws and regulations. We design procedures
in line with our responsibilities, outlined above, to detect
material misstatements in respect of irregularities, including
fraud. The extent to which our procedures are capable of
detecting irregularities, including fraud is detailed below.
11.1. Identifying and assessing potential risks related to
irregularities
In identifying and assessing risks of material misstatement in
respect of irregularities, including fraud and non-compliance
with laws and regulations, we considered the following:
• the nature of the industry and sector, control environment
and business performance including the design of the
Group’s remuneration policies, key drivers for directors’
remuneration, bonus levels and performance targets;
• results of our enquiries of management, the directors and
the audit committee about their own identification and
assessment of the risks of irregularities, including those
that are specific to the Group’s sector;
• any matters we identified having obtained and reviewed
the Group’s documentation of their policies and
procedures relating to:
– identifying, evaluating and complying with laws and
regulations and whether they were aware of any
instances of non-compliance;
– detecting and responding to the risks of fraud and
whether they have knowledge of any actual, suspected
or alleged fraud;
– the internal controls established to mitigate risks of
fraud or non-compliance with laws and regulations;
• the matters discussed among the audit engagement team
and relevant internal specialists, including tax, valuations,
IT and financial instruments specialists regarding how and
where fraud might occur in the financial statements and
any potential indicators of fraud.
As a result of these procedures, we considered the
opportunities and incentives that may exist within the
organisation for fraud and identified the greatest potential
for fraud in the valuation and existence of investments. In
common with all audits under ISAs (UK), we are also required
to perform specific procedures to respond to the risk of
management override.
We also obtained an understanding of the legal and
regulatory framework that the Group operates in, focusing
on provisions of those laws and regulations that had a
direct effect on the determination of material amounts
and disclosures in the financial statements. The key laws
and regulations we considered in this context included
the UK Companies Act, Listing Rules, tax legislation, and
the statement of Recommended Practice issued by the
Association of Investment Companies ‘Financial Statements
of Investment Trust Companies and Venture Capital Trusts.
In addition, we considered provisions of other laws and
regulations that do not have a direct effect on the financial
statements but compliance with which may be fundamental
to the Group’s ability to operate or to avoid a material penalty.
These included the requirements of the United Kingdom’s
Financial Conduct Authority (“FCA”) and Alternative
Investment Fund Managers Directive.
11.2. Audit response to risks identified
As a result of performing the above, we identified valuation
and existence of investments as a key audit matter related to
the potential risk of fraud. The key audit matter section of our
report explains the matter in more detail and also describes
the specific procedures performed in response to that key
audit matter.
In addition to the above, our procedures to respond to risks
identified included the following:
• reviewing the financial statement disclosures and testing
to supporting documentation to assess compliance with
provisions of relevant laws and regulations described as
having a direct effect on the financial statements;
• enquiring of management and the audit committee
concerning actual and potential litigation and claims;
• performing analytical procedures to identify any unusual
or unexpected relationships that may indicate risks of
material misstatement due to fraud;
• reading minutes of meetings of those charged with
governance and reviewing correspondence with HMRC and
FCA; and
Independent auditor’s report
continued
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• in addressing the risk of fraud through management
override of controls, testing the appropriateness of journal
entries and other adjustments; assessing whether the
judgements made in making accounting estimates are
indicative of a potential bias; and evaluating the business
rationale of any significant transactions that are unusual
or outside the normal course of business.
We also communicated relevant identified laws and
regulations and potential fraud risks to all engagement team
members including internal specialists, and remained alert
to any indications of fraud or non-compliance with laws and
regulations throughout the audit.
Report on other legal and regulatory
requirements
12. Opinions on other matters prescribed by the
Companies Act 2006
In our opinion the part of the directors’ remuneration report
to be audited has been properly prepared in accordance with
the Companies Act 2006.
In our opinion, based on the work undertaken in the course of
the audit:
• the information given in the strategic report and the
directors’ report for the financial year for which the
financial statements are prepared is consistent with the
financial statements; and
• the strategic report and the directors’ report have been
prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group
and the parent company and their environment obtained in
the course of the audit, we have not identified any material
misstatements in the strategic report or the directors’ report.
13. Corporate Governance Statement
The Listing Rules require us to review the directors’
statement in relation to going concern, longer-term viability
and that part of the Corporate Governance Statement
relating to the Group’s compliance with the provisions of the
UK Corporate Governance Code specified for our review.
Based on the work undertaken as part of our audit, we
have concluded that each of the following elements of the
Corporate Governance Statement is materially consistent
with the financial statements and our knowledge obtained
during the audit:
• the directors’ statement with regards to the
appropriateness of adopting the going concern basis of
accounting and any material uncertainties identified set
out on page 58;
• the directors’ explanation as to its assessment of the
Group’s prospects, the period this assessment covers and
why the period is appropriate set out on page 58;
• the directors’ statement on fair, balanced and
understandable set out on page 84;
• the board’s confirmation that it has carried out a robust
assessment of the emerging and principal risks set out on
page 42;
• the section of the annual report that describes the review
of effectiveness of risk management and internal control
systems set out on page 78; and
• the section describing the work of the audit committee set
out on page 78.
14. Matters on which we are required to report by
exception
14.1. Adequacy of explanations received and accounting
records
Under the Companies Act 2006 we are required to report to
you if, in our opinion:
• we have not received all the information and explanations
we require for our audit; or
• adequate accounting records have not been kept by the
parent company, or returns adequate for our audit have not
been received from branches not visited by us; or
• the parent company financial statements are not in
agreement with the accounting records and returns.
We have nothing to report in respect of these matters.
14.2. Directors’ remuneration
Under the Companies Act 2006 we are also required to
report if in our opinion certain disclosures of directors’
remuneration have not been made or the part of the
directors’ remuneration report to be audited is not in
agreement with the accounting records and returns.
We have nothing to report in respect of these matters.
15. Other matters which we are required to
address
15.1. Auditor tenure
Following the recommendation of the audit committee,
we were appointed by the shareholders on 20 March 2025
to audit the financial statements for the year ending 30
November 2025 and subsequent financial periods. The
period of total uninterrupted engagement including previous
renewals and reappointments of the firm is 2 years, covering
the year ending 30 November 2025.
15.2. Consistency of the audit report with the
additional report to the audit committee
Our audit opinion is consistent with the additional report to
the audit committee we are required to provide in accordance
with ISAs (UK).
Contents
94 BlackRock Energy and Resources Income Trust plc l Annual Report and Financial Statements 30 November 2025
Job No: 103107 Proof Event: 15 Black Line Level: 5 Park Communications Ltd Alpine Way London E6 6LA
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16. Use of our report
This report is made solely to the company’s members,
as a body, in accordance with Chapter 3 of Part 16 of the
Companies Act 2006. Our audit work has been undertaken so
that we might state to the company’s members those matters
we are required to state to them in an auditor’s report and for
no other purpose. To the fullest extent permitted by law, we
do not accept or assume responsibility to anyone other than
the company and the company’s members as a body, for our
audit work, for this report, or for the opinions we have formed.
As required by the Financial Conduct Authority (FCA)
Disclosure Guidance and Transparency Rule (DTR) 4.1.15R
– DTR 4.1.18R, these financial statements will form part of
the Electronic Format Annual Financial Report filed on the
National Storage Mechanism of the FCA in accordance with
DTR 4.1.15R – DTR 4.1.18R. This auditor’s report provides
no assurance over whether the Electronic Format Annual
Financial Report has been prepared in compliance with DTR
4.1.15R – DTR 4.1.18R.
For and on behalf of Deloitte LLP
Statutory Auditor
Glasgow, United Kingdom
5 February 2026
Independent auditor’s report
continued
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Consolidated statement of
comprehensive income
for the year ended 30 November 2025
2025 | 2024 | ||||||
Notes | Revenue | Capital | Total | Revenue | Capital | Total | |
£’000 | £’000 | £’000 | £’000 | £’000 | £’000 | ||
| Income from investments held at fair value through profit | |||||||
or loss | 3 | ||||||
Other income | 3 | ||||||
Total income | |||||||
Net profit on investments and derivatives held at fair value through profit or loss | 10 | ||||||
Net profit on foreign exchange | |||||||
Total | |||||||
| Expenses | |||||||
Investment management fees | 4 | ( | ( | ( | ( | ( | ( |
Other operating expenses | 5 | ( | ( | ( | ( | ( | ( |
Total operating expenses | ( | ( | ( | ( | ( | ( | |
Net profit before finance costs and taxation | |||||||
Finance costs | 6 | ( | ( | ( | ( | ( | ( |
Net profit before taxation | |||||||
Taxation (charge)/credit | 7 | ( | ( | ( | ( | ||
Net profit for the year | |||||||
Earnings per ordinary share (pence) | 9 |
The total columns of this statement represent the Group’s Statement of Comprehensive Income, prepared in accordance with
UK-adopted International Accounting Standards (IASs). The supplementary revenue and capital accounts are both prepared
under guidance published by the Association of Investment Companies (AIC). All items in the above statement derive from
continuing operations. No operations were acquired or discontinued during the year. All income is attributable to the equity
holders of the Group.
The Group does not have any other comprehensive income/(loss) (2024: £nil). The net profit/(loss) for the year disclosed
above represents the Group’s total comprehensive income.
The notes on pages 100 to 125 form part of these financial statements.
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96 BlackRock Energy and Resources Income Trust plc l Annual Report and Financial Statements 30 November 2025
Job No: 103107 Proof Event: 15 Black Line Level: 5 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Consolidated statement of changes
in equity
for the year ended 30 November 2025
The notes on pages 100 to 125 form part of these financial statements.
| Called | Share | ||||||
| up share | premium | Special | Capital | Revenue | |||
Group | Notes | capital | account | reserve | reserves | reserve | Total |
For the year ended 30 November 2025 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |
| At 30 November 2024 | |||||||
| Total comprehensive income: | |||||||
Net profit for the year | |||||||
| Transactions with owners, recorded directly to equity: | |||||||
Ordinary shares repurchased into treasury | 15, 16 | ( | ( | ||||
Share repurchase costs | 15, 16 | ( | ( | ||||
Dividends paid 1 | 8 | ( | ( | ||||
At 30 November 2025 | |||||||
| For the year ended 30 November 2024 | |||||||
| At 30 November 2023 | |||||||
| Total comprehensive income: | |||||||
Net profit for the year | |||||||
| Transactions with owners, recorded directly to equity: | |||||||
Ordinary shares repurchased into treasury | 15, 16 | ( | ( | ||||
Share repurchase costs | 16 | ( | ( | ||||
Dividends paid 2 | 8 | ( | ( | ||||
At 30 November 2024 |
1
4th interim dividend of 1.125p per share for the year ended 30 November 2024, declared on 28 November 2024 and paid on
7 January 2025; 1st interim dividend of 1.125p per share for the year ended 30 November 2025, declared on 20 March 2025 and
paid on 25 April 2025; 2nd interim dividend of 1.125p per share for the year ended 30 November 2025, declared on 4 June 2025 and
paid on 14 July 2025 and 3rd interim dividend of 1.250p per share for the year ended 30 November 2025, declared on 15 September
2025 and paid on 27 October 2025.
2
4th interim dividend of 1.125p per share for the year ended 30 November 2023, declared on 7 December 2023 and paid on
12 January 2024; 1st interim dividend of 1.125p per share for the year ended 30 November 2024, declared on 15 March 2024 and
paid on 26 April 2024; 2nd interim dividend of 1.125p per share for the year ended 30 November 2024, declared on 4 June 2024 and
paid on 15 July 2024 and 3rd interim dividend of 1.125p per share for the year ended 30 November 2024, declared on 18 September
2024 and paid on 28 October 2024.
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Parent company statement of changes
in equity
The notes on pages 100 to 125 form part of these financial statements.
Company Notes
Called
up share
capital
Share
premium
account
Special
reserve
Capital
reserves
Revenue
reserve Total
For the year ended 30 November 2025 £’000 £’000 £’000 £’000 £’000 £’000
At 30 November 2024 1,356 69,980 54,812 36,986 4,193 167,327
Total comprehensive income:
Net profit for the year – – – 28,340 5,031 33,371
Transactions with owners, recorded directly to equity:
Ordinary shares repurchased into treasury 15, 16 – – (12,395) – – (12,395)
Share repurchase costs 15, 16 – – (85) – – (85)
Dividends paid
1
8 – – – – (5,404) (5,404)
At 30 November 2025 1,356 69,980 42,332 65,326 3,820 182,814
For the year ended 30 November 2024
At 30 November 2023 1,356 69,980 66,100 20,294 4,632 162,362
Total comprehensive income:
Net profit for the year – – – 16,692 5,220 21,912
Transactions with owners, recorded directly to equity:
Ordinary shares repurchased into treasury 15, 16 – – (11,208) – – (11,208)
Share repurchase costs 15, 16 – – (80) – – (80)
Dividends paid
2
8 – – – – (5,659) (5,659)
At 30 November 2024 1,356 69,980 54,812 36,986 4,193 167,327
1
4th interim dividend of 1.125p per share for the year ended 30 November 2024, declared on 28 November 2024 and paid on
7 January 2025; 1st interim dividend of 1.125p per share for the year ended 30 November 2025, declared on 20 March 2025 and
paid on 25 April 2025; 2nd interim dividend of 1.125p per share for the year ended 30 November 2025, declared on 4 June 2025 and
paid on 14 July 2025 and 3rd interim dividend of 1.250p per share for the year ended 30 November 2025, declared on 15 September
2025 and paid on 27 October 2025.
2
4th interim dividend of 1.125p per share for the year ended 30 November 2023, declared on 7 December 2023 and paid on
12 January 2024; 1st interim dividend of 1.125p per share for the year ended 30 November 2024, declared on 15 March 2024 and
paid on 26 April 2024; 2nd interim dividend of 1.125p per share for the year ended 30 November 2024, declared on 4 June 2024 and
paid on 15 July 2024 and 3rd interim dividend of 1.125p per share for the year ended 30 November 2024, declared on 18 September
2024 and paid on 28 October 2024.
For information on the Company’s distributable reserves please refer to note 16 on pages 111 and 112.
Contents
98 BlackRock Energy and Resources Income Trust plc l Annual Report and Financial Statements 30 November 2025
Job No: 103107 Proof Event: 15 Black Line Level: 5 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
30 November 2025 | 30 November 2024 | ||||
Notes | Group | Company | Group | Company | |
£’000 | £’000 | £’000 | £’000 | ||
| Non current assets | |||||
Investments held at fair value through profit or loss | 10 | 190,117 | 190,707 | ||
| Current assets | |||||
Other receivables | 12 | 499 | 3,176 | ||
Current tax asset | 117 | 193 | |||
Cash collateral pledged with brokers | 17 | – | 591 | ||
Cash and cash equivalents – cash at bank | 17 | – | 19 | ||
Total current assets | 616 | 3,979 | |||
Total assets | 190,733 | 194,686 | |||
| Current liabilities | |||||
Other payables | 13 | ( | (1,050) | ( | (1,364) |
Derivative financial liabilities held at fair value through profit or loss | 10 | – | ( | (51) | |
Cash and cash equivalents - bank overdraft | 14, 17 | ( | (6,869) | ( | (25,944) |
Total current liabilities | ( | (7,919) | ( | (27,359) | |
Net assets | 182,814 | 167,327 | |||
| Equity attributable to equity holders | |||||
Called up share capital | 15 | 1,356 | 1,356 | ||
Share premium account | 16 | 69,980 | 69,980 | ||
Special reserve | 16 | 42,332 | 54,812 | ||
Capital reserves | 16 | ||||
At 1 December | 36,986 | 20,294 | |||
Net profit for the year | 28,340 | 16,692 | |||
At 30 November | 65,326 | 36,986 | |||
Revenue reserve | 16 | ||||
At 1 December | 4,193 | 4,632 | |||
Net profit for the year | 5,031 | 5,220 | |||
Dividends paid | ( | (5,404) | ( | (5,659) | |
At 30 November | 3,820 | 4,193 | |||
Total equity | 182,814 | 167,327 | |||
Net asset value per ordinary share (pence) | 9 | 164.30 | 137.66 |
BlackRock Energy and Resources Income Trust plc
Registered in England, No. 5612963
Consolidated and parent company
statements of financial position
as at 30 November 2025
The notes on pages 100 to 125 form part of these financial statements.
Contents
Section 4: Financial statements 99
Job No: 103107 Proof Event: 15 Black Line Level: 5 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
The notes on pages 100 to 125 form part of these financial statements.
30 November 2025 | 30 November 2024 | |||
Group | Company | Group | Company | |
£’000 | £’000 | £’000 | £’000 | |
| Operating activities | ||||
Net profit before taxation 1 | 33,751 | 22,297 | ||
| Changes in working capital items: | ||||
(Increase)/decrease in other receivables | ( | 2,677 | 183 | |
Decrease in other payables | ( | (314) | ( | (55) |
Decrease in amounts due to brokers | – | ( | (569) | |
| Other adjustments: | ||||
Finance costs | 625 | 920 | ||
Net profit on investments and derivatives held at fair value through profit or loss (including transaction costs) | ( | (29,508) | ( | (17,486) |
Net profit on foreign exchange | ( | – | ( | – |
| Sales of investments held at fair value through profit | ||||
or loss | 190,444 | 123,914 | ||
Purchases of investments held at fair value through profit or loss | ( | (160,397) | ( | (119,979) |
Net movement in cash collateral held with brokers | 591 | 947 | ||
Net cash inflow from operating activities before taxation | 37,869 | 10,172 | ||
| Taxation on investment income included within gross | ||||
income | ( | (304) | ( | (448) |
Net cash inflow from operating activities | 37,565 | 9,724 | ||
| Financing activities | ||||
Interest paid | ( | (625) | ( | (920) |
Shares repurchased into treasury | ( | (12,395) | ( | (11,208) |
Share repurchase costs | ( | (85) | ( | (80) |
Dividends paid | ( | (5,404) | ( | (5,659) |
Net cash outflow from financing activities | ( | (18,509) | ( | (17,867) |
Increase in cash and cash equivalents | 19,056 | ( | (8,143) | |
Effect of foreign exchange rate changes | – | – | ||
Change in cash and cash equivalents | 19,056 | ( | (8,143) | |
Cash and cash equivalents at start of year | ( | (25,925) | ( | (17,782) |
Cash and cash equivalents at end of year | ( | (6,869) | ( | (25,925) |
| Comprised of: | ||||
Cash at bank | – | 19 | ||
Bank overdraft | ( | (6,869) | ( | (25,944) |
( | (6,869) | ( | (25,925) |
1
Dividends and interest received in cash during the year amounted to £3,567,000 and £427,000 (2024: £4,080,000 and £436,000 ).
Consolidated and parent company cash
flow statements
for the year ended 30 November 2025
Contents
100 BlackRock Energy and Resources Income Trust plc l Annual Report and Financial Statements 30 November 2025
Job No: 103107 Proof Event: 15 Black Line Level: 5 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Notes to the financial statements
for the year ended 30 November 2025
Contents
Section 4: Financial statements 101
Job No: 103107 Proof Event: 15 Black Line Level: 5 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Contents
102 BlackRock Energy and Resources Income Trust plc l Annual Report and Financial Statements 30 November 2025
Job No: 103107 Proof Event: 15 Black Line Level: 5 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
2. Accounting policies continued
Notes to the financial statements
continued
Contents
Section 4: Financial statements 103
Job No: 103107 Proof Event: 15 Black Line Level: 5 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Contents
104 BlackRock Energy and Resources Income Trust plc l Annual Report and Financial Statements 30 November 2025
Job No: 103107 Proof Event: 15 Black Line Level: 5 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
2. Accounting policies continued
(o) Share repurchases and share reissues continued
2025 | 2024 | |
£’000 | £’000 | |
| Investment income: | ||
UK dividends | 913 | 1,184 |
Fixed income | 547 | 505 |
Overseas dividends | 2,752 | 2,835 |
Overseas special dividends | 229 | 299 |
UK stock dividends | – | 128 |
Total investment income | 4,441 | 4,951 |
Net income from derivatives | – | – |
| Other income: | ||
Bank interest | 9 | 4 |
Interest on collateral received | 33 | 32 |
Option premium income | 1,116 | 1,164 |
Total other income | 1,158 | 1,200 |
Total | 5,599 | 6,151 |
Notes to the financial statements
continued
Contents
Section 4: Financial statements 105
Job No: 103107 Proof Event: 15 Black Line Level: 5 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
2025 | 2024 | |||||
Revenue | Capital | Total | Revenue | Capital | Total | |
£’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |
Investment management fee | 333 | 1,000 | 1,333 | 356 | 1,069 | 1,425 |
Investment management fee rebate | (12) | (16) | (28) | – | – | – |
Total | 321 | 984 | 1,305 | 356 | 1,069 | 1,425 |
2025 | 2024 | |
£’000 | £’000 | |
| Allocated to revenue: | ||
Custody fee | 6 | 7 |
Auditor’s remuneration – audit services 1 | 49 | 51 |
Registrars’ fees | 39 | 32 |
Directors’ emoluments 2 | 143 | 143 |
Broker fees | 25 | 25 |
Depositary fees | 15 | 16 |
Marketing fees | 50 | 80 |
Printing and postage fees | 49 | 40 |
Legal and professional fees | 24 | 24 |
Bank charges | 18 | 14 |
Stock exchange listing fees | 11 | 11 |
Other administration costs | 53 | 68 |
Total revenue expenses | 482 | 511 |
| Allocated to capital: | ||
Custody transaction charges 3 | 9 | 9 |
Total | 491 | 520 |
2025 | 2024 | |
Ongoing charges 4 | 1.15% | 1.20% |
Contents
106 BlackRock Energy and Resources Income Trust plc l Annual Report and Financial Statements 30 November 2025
Job No: 103107 Proof Event: 15 Black Line Level: 5 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
5. Other operating expenses continued
2025 | 2024 | |||||
| Revenue | Capital | Total | Revenue | Capital | Total | |
| £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |
Interest paid – bank overdraft | 156 | 469 | 625 | 230 | 690 | 920 |
Total | 156 | 469 | 625 | 230 | 690 | 920 |
2025 | 2024 | |||||
| Revenue | Capital | Total | Revenue | Capital | Total | |
| £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |
Corporation taxation | 259 | (259) | – | 165 | (165) | – |
Corporation taxation - prior year adjustment | (7) | 7 | – | – | – | – |
Double taxation relief | (77) | 77 | – | (37) | 37 | – |
Subtotal | 175 | (175) | – | 128 | (128) | – |
Overseas taxation | 380 | – | 380 | 385 | – | 385 |
Total current taxation charge/(credit) | 555 | (175) | 380 | 513 | (128) | 385 |
Deferred taxation charge - current period | 2 | (2) | – | – | – | – |
Deferred taxation charge - prior year adjustment | 7 | (7) | – | – | – | – |
Total deferred taxation charge/(credit) | 9 | (9) | – | – | – | – |
Total taxation charge/(credit) (note 7(b)) | 564 | (184) | 380 | 513 | (128) | 385 |
Notes to the financial statements
continued
Contents
Section 4: Financial statements 107
Job No: 103107 Proof Event: 15 Black Line Level: 5 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
2025 | 2024 | |||||
| Revenue | Capital | Total | Revenue | Capital | Total | |
| £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |
Net profit before taxation | 4,640 | 29,111 | 33,751 | 5,054 | 17,243 | 22,297 |
| Net profit multiplied by standard rate of 25.00% | ||||||
(2024: 25.00%) | 1,160 | 7,278 | 8,438 | 1,264 | 4,311 | 5,575 |
| Effects of: | ||||||
Non-taxable UK dividend income | (228) | – | (228) | (328) | – | (328) |
Non-taxable overseas dividend income | (669) | – | (669) | (771) | – | (771) |
Irrecoverable overseas withholding tax | 380 | – | 380 | 385 | – | 385 |
Net loss/(profit) on investments held at fair value through profit or loss | – | (7,616) | (7,616) | – | (4,747) | (4,747) |
Double tax relief for overseas withholding tax | (79) | 60 | (19) | (37) | 28 | (9) |
Net foreign exchange profit not taxable | – | (28) | (28) | – | (6) | (6) |
Current period management expenses not utilised | – | 120 | 120 | – | 284 | 284 |
Disallowed expenses | – | 2 | 2 | – | 2 | 2 |
(596) | (7,462) | (8,058) | (751) | (4,439) | (5,190) | |
Total taxation charge (note 7(a)) | 564 | (184) | 380 | 513 | (128) | 385 |
2025 | 2024 | |||
Divi dends paid on equity shares | Record date | Payment date | £’000 | £’000 |
4th interim dividend of 1.125p per share for the year ended 30 November 2024 (2024: 1.125p) | 05 December 2024 | 07 January 2025 | 1,365 | 1,468 |
1st interim dividend of 1.125p per share for the year ended 30 November 2025 (2024: 1.125p) | 27 March 2025 | 25 April 2025 | 1,329 | 1,422 |
2nd interim dividend of 1.125p per share for the year ended 30 November 2025 (2024: 1.125p) | 12 June 2025 | 14 July 2025 | 1,307 | 1,396 |
3rd interim dividend of 1.250p per share for the year ended 30 November 2025 (2024: 1.125p) | 25 September 2025 | 27 October 2025 | 1,403 | 1,373 |
Accounted for in the financial statements | 5,404 | 5,659 |
Contents
108 BlackRock Energy and Resources Income Trust plc l Annual Report and Financial Statements 30 November 2025
Job No: 103107 Proof Event: 15 Black Line Level: 5 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
8. Dividends continued
2025 | 2024 | |
Dividends paid, proposed or declared on equity shares | £’000 | £’000 |
1st interim dividend of 1.125p per share for the year ended 30 November 2025 (2024: 1.125p) | 1,329 | 1,422 |
2nd interim dividend of 1.125p per share for the year ended 30 November 2025 (2024: 1.125p) | 1,307 | 1,396 |
3rd interim dividend of 1.250p per share for the year ended 30 November 2025 (2024: 1.125p) | 1,403 | 1,373 |
4th interim dividend of 1.250p per share for the year ended 30 November 2025 (2024: 1.125p) | 1,390 | 1,365 |
Total for the year | 5,429 | 5,556 |
2025 | 2024 | |
Net revenue profit attributable to ordinary shareholders (£’000) | 4,076 | 4,541 |
Net capital profit attributable to ordinary shareholders (£’000) | 29,295 | 17,371 |
Total profit attributable to ordinary shareholders (£’000) | 33,371 | 21,912 |
Total shareholders’ funds (£’000) | 182,814 | 167,327 |
The weighted average number of ordinary shares in issue during the year on which the earnings per ordinary share was calculated was: | 116,342,818 | 125,204,148 |
| The actual number of ordinary shares in issue at the end of the year on which the net asset | ||
| value per ordinary share was calculated was: | 111,269,497 | 121,552,497 |
| Calculated on weighted average number of ordinary shares | ||
Revenue earnings per share (pence) - basic and diluted | 3.50 | 3.63 |
Capital earnings per share (pence) - basic and diluted | 25.18 | 13.87 |
Total earnings per share (pence) - basic and diluted | 28.68 | 17.50 |
| As at | As at | |
| 30 November | 30 November | |
| 2025 | 2024 | |
Net asset value per share (pence) | 164.30 | 137.66 |
Ordinary share price (pence) | 150.00 | 121.00 |
Notes to the financial statements
continued
Contents
Section 4: Financial statements 109
| Group | Company | Group | Company | |
| 2025 | 2025 | 2024 | 2024 | |
£’000 | £’000 | £’000 | £’000 | |
UK listed equity investments held at fair value through profit or loss | 24,925 | 24,925 | 30,458 | 30,458 |
Overseas listed equity investments held at fair value through profit or loss | 150,943 | 150,943 | 154,128 | 154,128 |
Fixed income investments held at fair value through profit or loss | 14,249 | 14,249 | 5,166 | 5,166 |
| Investment in subsidiary held at fair value through profit | ||||
or loss 1 | – | – | – | 955 |
Total value of financial asset investments | 190,117 | 190,117 | 189,752 | 190,707 |
| Derivative financial instruments - written option contracts | – | – | (51) | (51) |
Total value of financial asset investments and derivatives at 30 November | 190,117 | 190,117 | 189,701 | 190,656 |
Opening book cost of investments | 163,467 | 163,467 | 159,063 | 159,063 |
Opening investment holding gains | 26,234 | 27,189 | 15,587 | 18,042 |
Opening fair value | 189,701 | 190,656 | 174,650 | 177,105 |
| Analysis of transactions made during the year: | ||||
Purchases at cost | 160,397 | 160,397 | 119,979 | 119,979 |
Sales proceeds received | (190,444) | (190,444) | (123,914) | (123,914) |
Gains on investments and derivatives | 30,463 | 29,508 | 18,986 | 17,486 |
Closing fair value | 190,117 | 190,117 | 189,701 | 190,656 |
Closing book cost of investments | 145,412 | 145,412 | 163,467 | 163,467 |
Closing investment holding gains | 44,705 | 44,705 | 26,234 | 27,189 |
Closing fair value | 190,117 | 190,117 | 189,701 | 190,656 |
| Comprising of: | ||||
– Equity investments | 175,868 | 175,868 | 184,586 | 185,541 |
– Fixed income investments | 14,249 | 14,249 | 5,166 | 5,166 |
| – Derivative financial instruments - written option | ||||
contracts | – | – | (51) | (51) |
Total | 190,117 | 190,117 | 189,701 | 190,656 |
Contents
110 BlackRock Energy and Resources Income Trust plc l Annual Report and Financial Statements 30 November 2025
Job No: 103107 Proof Event: 15 Black Line Level: 5 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
| Description of | Authorised and issued | ||
| ordinary shares | share capital | ||
2025 | 2024 | ||
| Ordinary shares | |||
| BlackRock Energy and Resources Securities Income Company Limited | of £1 | £1 | £1 |
12. Other receivables
| Group | Company | Group | Company | |
| 2025 | 2025 | 2024 | 2024 | |
£’000 | £’000 | £’000 | £’000 | |
Prepayments and accrued income | 499 | 499 | 436 | 436 |
Amounts receivable from subsidiary | – | – | – | 2,740 |
Total | 499 | 499 | 436 | 3,176 |
| Group | Company | Group | Company | |
| 2025 | 2025 | 2024 | 2024 | |
£’000 | £’000 | £’000 | £’000 | |
Accruals for expenses and interest payable | 1,050 | 1,050 | 1,364 | 1,364 |
Total | 1,050 | 1,050 | 1,364 | 1,364 |
14. Reconciliation of liabilities arising from financing activities
| Group | Company | Group | Company | |
| 2025 | 2025 | 2024 | 2024 | |
£’000 | £’000 | £’000 | £’000 | |
Debt arising from financing activities at beginning and end of the year | ||||
Bank overdraft | 25,944 | 25,944 | 17,862 | 17,862 |
| Cash flows: | ||||
Movement in overdraft | (19,075) | (19,075) | 8,082 | 8,082 |
| Debt arising from financing activities at end of the year | ||||
Bank overdraft | 6,869 | 6,869 | 25,944 | 25,944 |
The Group has an overdraft facility of the lower of £40 million or 20% of the Group’s net assets (2024: lower of £40 million or 20% of
the Group’s net assets) which is updated and renewed on an annual basis. The overdraft facility is provided by The Bank of New York
Mellon (International) Limited. The interest rate on the overdraft facility is Sterling Overnight Interbank Average (SONIA) plus 0.90%
(2024: SONIA plus 0.90%).
Notes to the financial statements
continued
Contents
Section 4: Financial statements 111
Job No: 103107 Proof Event: 15 Black Line Level: 5 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
| Ordinary | Treasury | Total | Nominal | |
| shares | shares | shares | value | |
| number | number | number | £’000 | |
| Allotted, called up and fully paid share capital | ||||
| comprised: | ||||
| Ordinary shares of 1 pence each: | ||||
At 30 November 2023 | 131,386,194 | 4,200,000 | 135,586,194 | 1,356 |
Ordinary shares repurchased into treasury | (9,833,697) | 9,833,697 | – | – |
| At 30 November 2024 | 121,552,497 | 14,033,697 | 135,586,194 | 1,356 |
Ordinary shares repurchased into treasury | (10,283,000) | 10,283,000 | – | – |
At 30 November 2025 | 111,269,497 | 24,316,697 | 135,586,194 | 1,356 |
| Distributable Reserves | |||||
| Capital | |||||
| reserve | |||||
| Capital | arising on | ||||
| reserve | revaluation | ||||
| Share | arising on | of | |||
| premium | Special | investments | investments | Revenue | |
| Group | account | reserve | sold | held | reserve |
£’000 | £’000 | £’000 | £’000 | £’000 | |
At 30 November 2023 | 69,980 | 66,100 | 3,210 | 15,450 | 6,266 |
| Movement during the year: | |||||
| Total comprehensive income: | |||||
Net profit for the year | – | – | 6,727 | 10,644 | 4,541 |
| Transactions with owners recorded directly to equity: | |||||
Ordinary shares repurchased into treasury | – | (11,208) | – | – | – |
Share repurchase costs | – | (80) | – | – | – |
Dividends paid | – | – | – | – | (5,659) |
At 30 November 2024 | 69,980 | 54,812 | 9,937 | 26,094 | 5,148 |
Net profit for the year | – | – | 10,809 | 18,486 | 4,076 |
Ordinary shares repurchased into treasury | – | (12,395) | – | – | – |
Share repurchase costs | – | (85) | – | – | – |
Dividends paid | – | – | – | – | (5,404) |
At 30 November 2025 | 69,980 | 42,332 | 20,746 | 44,580 | 3,820 |
Contents
112 BlackRock Energy and Resources Income Trust plc l Annual Report and Financial Statements 30 November 2025
Job No: 103107 Proof Event: 15 Black Line Level: 5 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
16. Reserves continued
| Distributable reserves | |||||
| Capital | |||||
| reserve | |||||
| Capital | arising on | ||||
| reserve | revaluation | ||||
| Share | arising on | of | |||
| premium | Special | investments | investments | Revenue | |
| Company | account | reserve | sold | held | reserve |
£’000 | £’000 | £’000 | £’000 | £’000 | |
At 30 November 2023 | 69,980 | 66,100 | 2,392 | 17,902 | 4,632 |
| Movement during the year: | |||||
| Total comprehensive income: | |||||
Net profit for the year | – | – | 7,548 | 9,144 | 5,220 |
| Transactions with owners recorded directly to equity: | |||||
Ordinary shares repurchased into treasury | – | (11,208) | – | – | – |
Share repurchase costs | – | (80) | – | – | – |
Dividends paid | – | – | – | – | (5,659) |
At 30 November 2024 | 69,980 | 54,812 | 9,940 | 27,046 | 4,193 |
Net profit for the year | – | – | 10,809 | 17,531 | 5,031 |
Ordinary shares repurchased into treasury | – | (12,395) | – | – | – |
Share repurchase costs | – | (85) | – | – | – |
Dividends paid | – | – | – | – | (5,404) |
At 30 November 2025 | 69,980 | 42,332 | 20,749 | 44,577 | 3,820 |
Notes to the financial statements
continued
Contents
Section 4: Financial statements 113
Job No: 103107 Proof Event: 15 Black Line Level: 5 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Contents
114 BlackRock Energy and Resources Income Trust plc l Annual Report and Financial Statements 30 November 2025
Job No: 103107 Proof Event: 15 Black Line Level: 5 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
17. Risk management policies and procedures continued
| US | Canadian | |||
| 2025 | Dollar | Dollar | Euro | Other |
£’000 | £’000 | £’000 | £’000 | |
| Receivables (due from brokers, withholding tax | ||||
receivable, dividends and other income receivable) | 256 | 103 | 112 | 78 |
Payables (due to brokers and other expenses payables) | (67) | – | – | (67) |
Total foreign currency exposure on net monetary items | 189 | 103 | 112 | 11 |
Investments at fair value through profit or loss | 63,716 | 48,105 | 28,241 | 17,985 |
Total net foreign currency exposure | 63,905 | 48,208 | 28,353 | 17,996 |
Notes to the financial statements
continued
Contents
Section 4: Financial statements 115
Job No: 103107 Proof Event: 15 Black Line Level: 5 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
| US | Canadian | |||
| 2024 | Dollar | Dollar | Euro | Other |
£’000 | £’000 | £’000 | £’000 | |
| Receivables (due from brokers, withholding tax | ||||
receivable, dividends and other income receivable) | 256 | 33 | 153 | 68 |
Cash and cash equivalents – cash at bank | 4 | – | 15 | – |
Total foreign currency exposure on net monetary items | 260 | 33 | 168 | 68 |
Investments at fair value through profit or loss | 93,800 | 28,882 | 17,453 | 15,860 |
Total net foreign currency exposure | 94,060 | 28,915 | 17,621 | 15,928 |
2025 | 2024 | |||||
| Within | More | Within | More | |||
| one | than one | one | than one | |||
| Group | year | year | Total | year | year | Total |
£’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |
| Exposure to floating interest rates: | ||||||
Cash and cash equivalents – cash at bank | – | – | – | 3,714 | – | 3,714 |
Cash and cash equivalents – bank overdraft | (6,869) | – | (6,869) | (25,944) | – | (25,944) |
Cash collateral | – | – | – | 591 | – | 591 |
| Exposure to fixed interest rates: | ||||||
Fixed income investments | – | 14,249 | 14,249 | – | 5,166 | 5,166 |
Total exposure to interest rates | (6,869) | 14,249 | 7,380 | (21,639) | 5,166 | (16,473) |
Contents
116 BlackRock Energy and Resources Income Trust plc l Annual Report and Financial Statements 30 November 2025
Job No: 103107 Proof Event: 15 Black Line Level: 5 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
17. Risk management policies and procedures continued
2025 | 2024 | |||||
| Within | More | Within | More | |||
| one | than one | one | than one | |||
| Company | year | year | Total | year | year | Total |
£’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |
| Exposure to floating interest rates: | ||||||
Cash and cash equivalents – cash at bank | – | – | – | 19 | – | 19 |
Cash and cash equivalents – bank overdraft | (6,869) | – | (6,869) | (25,944) | – | (25,944) |
Cash collateral | – | – | – | 591 | – | 591 |
| Exposure to fixed interest rates: | ||||||
Fixed income investments | – | 14,249 | 14,249 | – | 5,166 | 5,166 |
Total exposure to interest rates | (6,869) | 14,249 | 7,380 | (25,334) | 5,166 | (20,168) |
Notes to the financial statements
continued
Contents
Section 4: Financial statements 117
Job No: 103107 Proof Event: 15 Black Line Level: 5 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
| Maximum | |||||
| exposure | Total exposure | Lowest credit | |||
| Total number of | to any one | to all other | rating of any one | ||
| Year | counterparties | counterparty 1 | Collateral held 1 | counterparties 1 | counterparty 2 |
£’000 | £’000 | £’000 | |||
2025 | – | – | – | – | – |
| 2024 | 2 | 3,714 | 591 | 591 | A+ |
Contents
118 BlackRock Energy and Resources Income Trust plc l Annual Report and Financial Statements 30 November 2025
Job No: 103107 Proof Event: 15 Black Line Level: 5 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
17. Risk management policies and procedures continued
| Pledged collateral | ||
| As at | As at | |
| 30 November | 30 November | |
| 2025 | 2024 | |
£’000 | £’000 | |
Cash collateral – Bank of America Merrill Lynch | – | 591 |
Group | 2025 | 2024 |
£’000 | £’000 | |
Fixed income investments | 14,249 | 5,166 |
Cash collateral held with brokers | – | 591 |
Cash and cash equivalents – cash at bank | – | 3,714 |
Other receivables (amounts due from brokers, dividends and interest receivable) | 499 | 436 |
Total | 14,748 | 9,907 |
Company | 2025 | 2024 |
£’000 | £’000 | |
Fixed income investments | 14,249 | 5,166 |
Cash collateral held with brokers | – | 591 |
Cash and cash equivalents – cash at bank | – | 19 |
| Other receivables (amounts due from brokers, dividends, interest receivable and receivable amounts | ||
from subsidiary company) | 499 | 3,176 |
Total | 14,748 | 8,952 |
Notes to the financial statements
continued
Contents
Section 4: Financial statements 119
Job No: 103107 Proof Event: 15 Black Line Level: 5 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
At 30 November 2025 | At 30 November 2024 | |||
Derivatives | Assets | Liabilities | Assets | Liabilities |
£’000 | £’000 | £’000 | £’000 | |
Written option contracts | – | – | – | (51) |
| Total derivative assets and liabilities in the Consolidated | ||||
and Parent Company Statements of Financial Position | – | – | – | (51) |
| Total assets and liabilities subject to a master netting | ||||
agreement | – | – | – | (51) |
| Derivative | ||||||
| liabilities | ||||||
| subject to | ||||||
| a master | Net amount | |||||
| netting | as per | |||||
| agreement | Derivatives | statement | Non-cash | Pledged | Net amount | |
| by a | available | of financial | collateral | cash | of derivative | |
| Counterparty | counterparty | for offset | position | given | collateral | assets |
£’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |
| At 30 November 2025 | ||||||
| BofA Securities | – | – | – | – | – | – |
| At 30 November 2024 | ||||||
| BofA Securities | (51) | – | (51) | – | 51 | – |
Contents
120 BlackRock Energy and Resources Income Trust plc l Annual Report and Financial Statements 30 November 2025
Job No: 103107 Proof Event: 15 Black Line Level: 5 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
17. Risk management policies and procedures continued
| 3 months | Not more | ||
| Group | or less | than one year | Total |
2025 | £’000 | £’000 | £’000 |
Amounts due to brokers, accruals and provisions | 1,050 | – | 1,050 |
Cash and cash equivalents – bank overdraft | 6,869 | – | 6,869 |
Total | 7,919 | – | 7,919 |
| 3 months | Not more | ||
| Company | or less | than one year | Total |
2025 | £’000 | £’000 | £’000 |
Amounts due to brokers, accruals and provisions | 1,050 | – | 1,050 |
Cash and cash equivalents – bank overdraft | 6,869 | – | 6,869 |
Total | 7,919 | – | 7,919 |
| 3 months | Not more | ||
| Group | or less | than one year | Total |
2024 | £’000 | £’000 | £’000 |
Amounts due to brokers, accruals and provisions | 1,364 | – | 1,364 |
Derivative financial liabilities held at fair value through profit or loss | 51 | – | 51 |
Cash and cash equivalents – bank overdraft | 25,944 | – | 25,944 |
Total | 27,359 | – | 27,359 |
| 3 months | Not more | ||
| Company | or less | than one year | Total |
2024 | £’000 | £’000 | £’000 |
Amounts due to brokers, accruals and provisions | 1,364 | – | 1,364 |
Derivative financial liabilities held at fair value through profit or loss | 51 | – | 51 |
Cash and cash equivalents – bank overdraft | 25,944 | – | 25,944 |
Total | 27,359 | – | 27,359 |
Notes to the financial statements
continued
Contents
Section 4: Financial statements 121
Job No: 103107 Proof Event: 15 Black Line Level: 5 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Contents
122 BlackRock Energy and Resources Income Trust plc l Annual Report and Financial Statements 30 November 2025
Job No: 103107 Proof Event: 15 Black Line Level: 5 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
17. Risk management policies and procedures continued
| Financial assets at fair value through profit or loss at | ||||
30 November 2025 – Group | Level 1 | Level 2 | Level 3 | Total |
£’000 | £’000 | £’000 | £’000 | |
| Assets: | ||||
Equity investments | 175,863 | – | 5 | 175,868 |
Fixed income investments | – | 4,495 | 9,754 | 14,249 |
Total | 175,863 | 4,495 | 9,759 | 190,117 |
| Financial assets at fair value through profit or loss at | ||||
30 November 2025 – Company | Level 1 | Level 2 | Level 3 | Total |
£’000 | £’000 | £’000 | £’000 | |
| Assets: | ||||
Equity investments | 175,863 | – | 5 | 175,868 |
Fixed income investments | – | 4,495 | 9,754 | 14,249 |
Total | 175,863 | 4,495 | 9,759 | 190,117 |
| Financial assets at fair value through profit or loss at | ||||
30 November 2024 – Group | Level 1 | Level 2 | Level 3 | Total |
£’000 | £’000 | £’000 | £’000 | |
| Assets: | ||||
Equity investments | 184,586 | – | – | 184,586 |
Fixed income investments | – | 5,166 | – | 5,166 |
| Liabilities: | ||||
Derivative financial instruments – written options | (51) | – | – | (51) |
Total | 184,535 | 5,166 | – | 189,701 |
| Financial assets at fair value through profit or loss at | ||||
30 November 2024 – Company | Level 1 | Level 2 | Level 3 | Total |
£’000 | £’000 | £’000 | £’000 | |
| Assets: | ||||
Equity investments | 184,586 | – | 955 | 185,541 |
Fixed income investments | – | 5,166 | – | 5,166 |
| Liabilities: | ||||
Derivative financial instruments – written options | (51) | – | – | (51) |
Total | 184,535 | 5,166 | 955 | 190,656 |
Notes to the financial statements
continued
Contents
Section 4: Financial statements 123
Job No: 103107 Proof Event: 15 Black Line Level: 5 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
| Year ended | Year ended | |
| 30 November | 30 November | |
| Level 3 financial assets at fair value through profit or loss – Group | 2025 | 2024 |
£’000 | £’000 | |
Opening fair value | – | – |
Additions at cost | 2,213 | – |
Total profit or loss included in net profit/(loss) on investments in the Consolidated Statement of Comprehensive Income – assets held at the end of the year | 7,546 | – |
Closing balance | 9,759 | – |
| Year ended | Year ended | |
| 30 November | 30 November | |
| Level 3 financial assets at fair value through profit or loss – Company | 2025 | 2024 |
£’000 | £’000 | |
Opening fair value | 955 | 2,455 |
Additions at cost | 2,213 | – |
Total profit or loss included in net profit/(loss) on investments in the Consolidated Statement of Comprehensive Income – assets held at the end of the year | 6,591 | (1,500) |
Closing balance | 9,759 | 955 |
| As at | ||||||
| 30 November | Range of | Reasonable | Impact on | |||
| 2025 | Valuation | Unobservable | weighted | possible | fair value | |
| £’000 | technique | input | average inputs | shift 1 +/– | £ | |
| Hybrid of yield | ||||||
| to maturity | ||||||
| and embedded | Yield rate on bond | 16.08% – 17.08% | 0.50% | 11,000 | ||
| Abaxx Technologies convertible | conversion | |||||
debentures | 9,754 | option value | Equity stock volatility | 45% - 55% | 5.00% | 6,000 |
| Market | ||||||
| adjustment | ||||||
LunR Royalties | 5 | Market approach | factor | 0 - 10% | 10.00% | 1,000 |
| Listing | ||||||
| suspended - | ||||||
| valued at nominal | ||||||
Gazprom equity shares | – | RUB 0.01 | n/a | n/a | n/a | n/a |
Total | 9,759 |
| As at | Range of | |||||
| 30 November | weighted | Reasonable | ||||
| 2024 | Valuation | Unobservable | average | possible | Impact on | |
| £’000 | technique | input | inputs | shift 1 +/– | fair value | |
| Listing | ||||||
| suspended – | ||||||
| valued at nominal | ||||||
Gazprom equity shares | – | RUB 0.01 | n/a | n/a | n/a | n/a |
Total | – |
Contents
124 BlackRock Energy and Resources Income Trust plc l Annual Report and Financial Statements 30 November 2025
Job No: 103107 Proof Event: 15 Black Line Level: 5 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
17. Risk management policies and procedures continued
Notes to the financial statements
continued
Contents
Section 4: Financial statements 125
Job No: 103107 Proof Event: 15 Black Line Level: 5 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
| Total % of shares held by | Number of Significant | ||
| Significant Investors who are | Investors who are not affiliates | ||
| Total % of shares held by | not affiliates of BlackRock | of BlackRock Group or | |
| Related BlackRock Funds | Group or BlackRock, Inc. | BlackRock, Inc. | |
As at 30 November 2025 | 0.9 | n/a | n/a |
As at 30 November 2024 | 0.7 | n/a | n/a |
Contents
Job No: 103107 Proof Event: 13 Black Line Level: 5 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Contents
Section 5: Additional information 127
Job No: 43774 Proof Event: 3 Black Line Level: 1 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: Greater Europe Annual Rpt 2020 T: 0207 055 6500 F: 020 7055 6600
Additional
information
We increased our exposure to US solar via new purchases in EDP Renewables and
Grenergy and additions to First Solar. Grenergy’s Oasis de Atacama megaproject in
Chile is the largest single-site hybrid solar generation and battery storage plant in
the Americas.
PHOTO COURTESY OF GRENERGY
Contents
128 BlackRock Energy and Resources Income Trust plc l Annual Report and Financial Statements 30 November 2025
Job No: 103107 Proof Event: 13 Black Line Level: 5 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Financial calendar
The timing of the announcement and publication of the Company’s results may normally be expected in the months shown
below:
January/February Annual results for the year ended 30November announced and the Annual Report and Financial
Statements published.
March Annual General Meeting.
July Half yearly figures to 31 May announced and Half Yearly Financial Report published.
Quarterly Dividends
Dividends are paid quarterly as follows:
Period ending
Ex-date
Payment
date
28 February March April
31 May June July
31 August September October
30 November December January
Payment of dividends
Cash dividends will be sent by cheque to the first-named shareholder at their registered address. Dividends may also be paid
directly into a shareholder’s bank account. This may be arranged by contacting the Company’s registrar, Computershare
Investor Services PLC (Computershare), on 0370 707 1476, through their secure website investorcentre.co.uk, or by
completing the Mandate Instructions section on the reverse of your dividend counterfoil and sending it to Computershare.
Dividend confirmations will be sent to shareholders at their registered address, unless other instructions have been given, to
arrive on the payment date.
Dividend tax allowance
The annual tax-free allowance on dividend income across an individual’s entire share portfolio is currently £500. Above
this amount, individuals pay tax on their dividend income at a rate dependent on their income tax bracket and personal
circumstances.
The Company continues to provide registered shareholders with confirmation of the dividends paid and this should be
included with any other dividend income received when calculating and reporting total dividend income received. It is a
shareholder’s responsibility to include all dividend income when calculating any tax liability.
If you have any tax queries, please contact a financial advisor.
Dividend reinvestment scheme
Shareholders may request that their dividends be used to purchase further shares in the Company. Dividend reinvestment
forms may be obtained from Computershare Investor Services PLC on 0370 707 1476 or through their secure website,
investorcentre.co.uk. Shareholders who have already opted to have their dividends reinvested do not need to reapply.
Share price
The Company’s mid-market ordinary share price is quoted daily in The Financial Times and The Times under ‘Investment
Companies’ and in The Daily Telegraph under ‘Investment Trusts’. The share price is also available on the BlackRock website at
blackrock.com/uk/beri.
ISIN/SEDOL numbers
The ISIN/SEDOL numbers and mnemonic codes for the Company’s shares are:
Ordinary shares
ISIN GB00B0N8MF98
SEDOL B0N8MF9
Reuters Code BERI:L
Bloomberg Code BERI:LN
Shareholder information
Contents
Section 5: Additional information 129
Job No: 103107 Proof Event: 13 Black Line Level: 5 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Share dealing
Investors wishing to purchase more shares in the Company or sell all or part of their existing holding may do so through a
stockbroker. Most banks also offer this service. Alternatively, please go to www.computershare.com/dealing/uk for a range of
dealing services made available by Computershare.
CREST
The Company’s shares may be held in CREST, an electronic system for uncertificated securities trading.
Private investors can continue to retain their share certificates and remain outside the CREST system. Private investors are
able to buy and sell their holdings in the same way as they did prior to the introduction of CREST, although there may be
differences in dealing charges.
Electronic communications
Computershare provides a service to enable shareholders to receive correspondence electronically (including annual and
half yearly financial reports) if they wish. If a shareholder opts to receive documents in this way, paper documents will only
be available on request (unless electronic submission fails, in which case a letter will be mailed to the investor’s registered
address giving details of the website address where information can be found online). Shareholders who opt for this service
will receive a Notice of Availability via e-mail from Computershare with a link to the relevant section of the BlackRock website
where the documents can be viewed and printed. For more information, to view the terms and conditions and to register
for this service, please visit Computershare’s internet site at investorcentre.co.uk/ecomms (you will need your shareholder
reference number).
Electronic proxy voting
Shareholders are able to submit their proxy votes electronically via Computershare’s internet site at eproxyappointment.com
using a unique identification PIN which will be provided with voting instructions and the Notice of Annual General Meeting.
CREST members who wish to appoint one or more proxies or give an instruction through the CREST electronic proxy appointment
service may do so by using the procedures described in the CREST manual. Further details are set out in the notes on the Form of
Proxy and the Notice of Annual General Meeting. For shareholders who hold shares via platforms, information on how to vote can
be found here: https://www.theaic.co.uk/availability-on-platforms.
Nominee code
Where shares are held in a nominee company name, the Company undertakes:
• to provide the nominee company with multiple copies of shareholder communications, so long as an indication of quantities
has been provided in advance; and
• to allow investors holding shares through a nominee company to attend general meetings, provided the correct authority
from the nominee company is available.
Nominee companies are encouraged to provide the necessary authority to underlying shareholders to attend the Company’s
general meetings.
Publication of NAV/portfolio analysis
The NAV per share of the Company is calculated and published daily. Details of the Company’s investments and performance
are published monthly.
The daily NAV per share and monthly information are released through the London Stock Exchange’s Regulatory News Service
and are available on the BlackRock website at www.blackrock.com/uk/beri and through the Reuters News Service under the
code ‘BLRKINDEX’, on page 8800 on Topic 3 (ICV terminals) and under ‘BLRK’ on Bloomberg (monthly information only).
Online access
Other details about the Company are also available on the BlackRock website at blackrock.com/uk/beri.
The financial statements and other literature are published on the website. Visitors to the website need to be aware that
legislation in the United Kingdom governing the preparation and dissemination of the financial statements may differ from
legislation in their jurisdiction.
Shareholders can also manage their shareholding online by using Investor Centre, Computershare’s secure website, at
investorcentre.co.uk.
Contents
130 BlackRock Energy and Resources Income Trust plc l Annual Report and Financial Statements 30 November 2025
Job No: 103107 Proof Event: 13 Black Line Level: 5 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
To register on Computershare’s website you will need your shareholder reference number. Listed below are the most frequently
used features of the website.
• Holding enquiry – view balances, values, history, payments and reinvestments.
• Payments enquiry – view your dividends and other payment types.
• Address change – change your registered address.
• Bank details update – choose to receive your dividend payment directly into your bank account instead of by cheque.
• e-Comms sign-up – choose to receive email notification when your shareholder communications become available instead
of paper communications.
• Outstanding payments – reissue payments using the online replacement service.
• Downloadable forms – including dividend mandates, stock transfer, dividend reinvestment and change of address forms.
Individual Savings Accounts (ISAs)
ISAs are a tax-efficient method of investment and the Company’s shares are eligible investments for inclusion in an ISA. In
the 2024/2025 and 2025/2026 tax years, investors will be able to invest up to £20,000 in Individual Savings Accounts (ISAs)
either as cash or shares.
Shareholder enquiries
The Company’s registrar is Computershare Investor Services PLC. Certain details relating to your holding can be checked
through the Computershare Investor Centre website. As a security check, specific information will need to be input accurately
to gain access to your account including your shareholder reference number, available from your share certificate, dividend
confirmation or other electronic communications received from Computershare. The address of the Computershare website is
investorcentre.co.uk. Alternatively, please contact the registrar on 0370 707 1476.
Changes of name or address must be notified in writing either through Computershare’s website, or to the registrar at:
Computershare Investor Services PLC,
The Pavilions,
Bridgwater Road,
Bristol BS99 6ZZ
General enquiries
Enquiries about the Company should be directed to:
The Company Secretary
BlackRock Energy and Resources Income Trust plc
12 Throgmorton Avenue
London EC2N 2DL
Telephone: 020 7743 3000
Email: Cosec@blackrock.com
Shareholder information
continued
Contents
Section 5: Additional information 131
Job No: 103107 Proof Event: 13 Black Line Level: 5 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
By type of holder
Number of
shares
% of total
2025
% of total
2024
Number of
holders
% of total
2025
% of total
2024
Direct private investors 1,794,917 1.3 0.8 146 39.9 35.5
Banks and nominee companies 109,009,975 80.4 87.5 213 58.4 59.1
Others 574,605 0.4 1.4 5 1.4 5.2
Shares held in Treasury 24,206,697 17.9 10.3 1 0.3 0.2
135,586,194 100.0 100.0 365 100.0 100.0
By size of holding
Number of
shares
% of total
2025
% of total
2024
Number of
holders
% of total
2025
% of total
2024
1-10,000 559,337 0.4 0.5 164 44.9 43.2
10,001-100,000 3,975,411 2.9 3.9 112 30.1 31.8
100,001-1,000,000 22,749,761 16.8 18.7 69 18.9 19.6
1,000,001-5,000,000 42,566,942 31.4 37.5 15 4.1 4.2
5,000,001-999,999,999 65,734,743 48.5 39.4 5 1.4 1.2
135,586,194 100.0 100.0 365 100.0 100.0
Analysis of ordinary shareholders
as at 30 November 2025
Contents
132 BlackRock Energy and Resources Income Trust plc l Annual Report and Financial Statements 30 November 2025
Job No: 103107 Proof Event: 13 Black Line Level: 5 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Year ended
30 November
Net assets
attributable
to ordinary
shareholders
Net asset
value per
ordinary
share
Ordinary
share price
(mid-market)
Revenue
earnings per
ordinary
share
Dividend
per
ordinary
share
Ongoing
charges
ratio
1
£’000 p p p p
At launch, 13 December 2005 73,500 98.00 100.00 – – –
Period ended 30 November 2006 79,784 105.53 101.25 5.28 4.500 1.50
Year ended 30 November 2007 110,018 158.05 149.75 6.31 5.250 1.30
Year ended 30 November 2008 57,625 80.25 72.50 6.96 5.400 1.40
Year ended 30 November 2009 90,260 120.63 119.75 5.74 5.500 1.50
Year ended 30 November 2010 125,848 139.05 143.00 5.85 5.600
2
1.40
Year ended 30 November 2011 118,642 131.08 127.75 5.88 5.750 1.30
Year ended 30 November 2012 111,663 118.47 122.75 6.10 5.900 1.30
Year ended 30 November 2013 101,830 105.79 109.50 5.87 5.950 1.40
Year ended 30 November 2014 96,696 91.95 99.00 6.20 6.000 1.50
Year ended 30 November 2015 69,430 60.08 59.75 6.32 6.000 1.40
Year ended 30 November 2016 98,933 83.57 82.75 4.43 5.000 1.39
Year ended 30 November 2017 91,357 76.92 75.00 4.84 4.000 1.36
Year ended 30 November 2018 88,109 75.87 70.60 4.37 4.000 1.39
Year ended 30 November 2019 85,945 75.28 66.00 3.97 4.000 1.48
Year ended 30 November 2020 91,642 80.76 71.40 4.31 4.000 1.25
Year ended 30 November 2021
120,828 103.97 96.70 4.96 4.100 1.21
Year ended 30 November 2022
194,708 144.92 135.00 4.99 4.400 1.13
Year ended 30 November 2023 162,362 123.58 110.40 4.39 4.425 1.19
Year ended 30 November 2024 167,327 137.66 121.00 3.63 4.500 1.20
Year ended 30 November 2025 182,814 164.30 150.00 3.50 4.750 1.15
1
Revised for years prior to 30 November 2014 to conform to AIC best practice guidance. The ongoing charges ratio is an Alternative
Performance Measure. See the Glossary on page 144 for more details in respect of the calculation.
2
In addition, two special dividends were also paid during the year, totalling 1.52 pence per share.
Historical analysis
Contents
Section 5: Additional information 133
Job No: 103107 Proof Event: 13 Black Line Level: 5 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Registered Office
(Registered in England, No. 5612963)
12 Throgmorton Avenue
London EC2N 2DL
Alternative Investment Fund Manager
1
BlackRock Fund Managers Limited
2
12 Throgmorton Avenue
London EC2N 2DL
Telephone: 020 7743 3000
Investment Manager and Company Secretary
BlackRock Investment Management (UK) Limited
2
12 Throgmorton Avenue
London EC2N 2DL
Email: cosec@blackrock.com
Banker, Custodian and Depositary
The Bank of New York Mellon (International) Limited
2
160 Queen Victoria Street
London EC4V 4LA
Registrar
Computershare Investor Services PLC
2
The Pavilions
Bridgwater Road
Bristol BS99 6ZZ
Telephone: 0370 707 1476
Auditor
Deloitte LLP
Chartered Accountants and Statutory Auditors
1 New Street Square,
London EC4A 3HQ
United Kingdom
Stockbroker
Winterflood Securities Limited
2
The Atrium Building
25 Dowgate Hill
London EC4R 2GA
Solicitor
Gowling WLG (UK) LLP
4 More London Riverside
London SE1 2AU
Management & other service providers
1
BlackRock Fund Managers Limited (BFM) was appointed as the Alternative Investment Fund Manager on 2 July 2014. BlackRock
Investment Management (UK) Limited continues to act as the Investment Manager under a delegation agreement with BFM.
2
Authorised and regulated by the Financial Conduct Authority.
Contents
134 BlackRock Energy and Resources Income Trust plc l Annual Report and Financial Statements 30 November 2025
Job No: 103107 Proof Event: 13 Black Line Level: 5 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Remuneration related disclosures in accordance with Article 22(2) of the AIFMD, Article 107 of the
AIFMD Regulations and Section XIII of the ESMA Guidelines on sound remuneration policies under
the AIFMD
The below disclosures are made in respect of the remuneration policies of the BlackRock group (“BlackRock”), as they apply
to BlackRock Fund Managers Limited (the “Manager”). The disclosures are made in accordance with the provisions in the
UK implementing the Alternative Investment Fund Managers Directive (the “AIFMD”), the European Commission Delegated
Regulation supplementing the AIFMD (the “Delegated Regulation”) and the “Guidelines on sound remuneration policies under
the AIFMD” issued by the European Securities and Markets Authority.
Quantitative remuneration disclosure
The Manager is required under the AIFMD to make quantitative disclosures of remuneration. These disclosures are made
in line with BlackRock’s interpretation of currently available regulatory guidance on quantitative remuneration disclosures.
As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which
quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation
to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in
that same year.
Remuneration information at an individual AIF level is not readily available. Disclosures are provided in relation to (a) the staff
of the Manager; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of
the Fund; and (d) staff of companies to which portfolio management and risk management has been formally delegated.
All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their
responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities,
only the portion of remuneration for those individuals’ services attributable to the Fund is included in the aggregate figures
disclosed.
Members of staff and senior management of the Manager typically provide both AIFMD and non-AIFMD related services
in respect of multiple funds, clients and functions of the Manager and across the broader BlackRock group. Conversely,
members of staff and senior management of the broader BlackRock group may provide both AIFMD and non-AIFMD related
services in respect of multiple funds, clients and functions of the broader BlackRock group and of the Manager. Therefore, the
figures disclosed are a sum of each individual’s portion of remuneration attributable to the Manager according to an objective
apportionment methodology which acknowledges the multiple-service nature of the Manager and the broader BlackRock
group. Accordingly the figures are not representative of any individual’s actual remuneration or their remuneration structure.
The amount of the total remuneration awarded to the Manager’s staff in respect of the Manager’s financial year ending
31 December 2024 is US$102.44 million. This figure is comprised of fixed remuneration of US$37.20 million and variable
remuneration of US$65.24 million. There were a total of 4,206 beneficiaries of the remuneration described above.
The amount of the aggregate remuneration awarded by the Manager in respect of the Manager’s financial year ending
31 December 2024, to its senior management was US$14.31 million, and to other members of its staff whose actions
potentially have a material impact on the risk profile of the Manager or its funds was US$16.36 million. These figures relate to
the entire Manager and not to the Company.
AIFMD report on remuneration
(unaudited)
Contents
Section 5: Additional information 135
Job No: 103107 Proof Event: 13 Black Line Level: 5 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Other AIFMD disclosures (unaudited)
Leverage
The Company may employ leverage and borrow cash in accordance with its stated investment policy or investment strategy.
The Company may also employ leverage in its investment programme through foreign exchange forward contracts and may
also utilise a variety of exchange traded and over-the-counter (OTC) derivative instruments such as covered put/call options
as part of its investment policy. The use of derivatives may expose the Company to a higher degree of risk. In particular,
derivative contracts can be highly volatile and the amount of initial margin is generally small relative to the size of the contract
so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially
larger impact on derivatives than on standard underlying bonds or equities. Leveraged derivative positions can therefore
increase the Company’s volatility. The use of borrowings and leverage has attendant risks and can, in certain circumstances,
substantially increase the adverse impact to which the Company’s investment portfolio may be subject. No foreign exchange
forward contracts or derivatives were used for leverage purposes during the year.
For the purposes of this disclosure, leverage is any method by which the Company’s exposure is increased, whether through
borrowing of cash or securities, or leverage embedded in foreign exchange forward contracts or by any other means.
The AIFMD requires that each leverage ratio be expressed as the ratio between a Company’s exposure and its NAV, and
prescribes two required methodologies, the gross methodology and the commitment methodology (as set out in AIFMD Level
2 Implementation Guidance), for calculating such exposure.
Using the methodologies prescribed under the AIFMD, the leverage of the Group and Company is disclosed in the following
table below:
Commitment
leverage as at
30 November
2025
Gross leverage
as at
30 November
2025
Commitment
leverage as at
30 November
2024
Gross leverage
as at
30 November
2024
Leverage ratio 1.10 1.07 1.24 1.12
Further information on the calculation of leverage ratios is provided in the Glossary on page 142.
Other risk disclosures
The financial risk disclosures relating to risk framework and liquidity risk are set out in note 17 to the notes to the financial
statements on pages
113 to 125.
Pre investment disclosures
The AIFMD requires certain information to be made available to investors in AIFs before they invest and requires that material
changes to this information be disclosed in the annual report of each AIF. An Investor Disclosure Document, which sets out
information on the Company’s investment strategy and policies, leverage, risk, liquidity, administration, management, fees,
conflicts of interest and other shareholder information is available on the website at www.blackrock.com/uk/beri.
There have been no material changes (other than those reflected in these financial statements or previously disclosed to the
London Stock Exchange through a primary information provider) to this information requiring disclosure. Any information
requiring immediate disclosure pursuant to the AIFMD will be disclosed to the London Stock Exchange through a primary
information provider.
GRAHAM VENABLES
For and on behalf of
BlackRock Investment Management (UK) Limited
Company Secretary
5 February 2026
Other AIFMD disclosures
Contents
136 BlackRock Energy and Resources Income Trust plc l Annual Report and Financial Statements 30 November 2025
Job No: 103107 Proof Event: 13 Black Line Level: 5 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
The disclosures below are made in compliance with the requirements of Listing Rule 6.6.1.
6.6.1 (1) The Company has not capitalised any interest in the period under review.
6.6.1 (2) The Company has not published any unaudited financial information in a class 1 circular or prospectus or any profit
forecast or profit estimate.
6.6.1 (3) The Company does not have any long-term incentive schemes in operation.
6.6.1 (6) During the year, no shares were issued from treasury.
6.6.1 (7) and 6.6.1 (8) are not applicable.
6.6.1 (10) This provision is not applicable to the Company.
6.6.1 (11) and (12) There were no arrangements under which a shareholder has waived or agreed to waive any dividends or
future dividends.
6.6.1 (13) This provision is not applicable to the Company.
By order of the Board
GRAHAM VENABLES
For and on behalf of
BlackRock Investment Management (UK) Limited
Company Secretary
5 February 2026
Information to be disclosed in accordance
with Listing Rule 6.6.1
Contents
Section 5: Additional information 137
Job No: 103107 Proof Event: 13 Black Line Level: 5 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
The Stock Connect links markets in mainland China and Hong Kong, allowing foreign (non-Chinese) investors to invest in
China A Shares listed on the relevant mainland markets more easily than was possible prior to establishment of the Stock
Connect. The disclosures below are given to provide shareholders and investors in the Company with more information in
respect of how the Stock Connect works, and more detail on the risks associated with the scheme. Additional disclosures are
set out in the notes to the financial statements on page
125.
The Stock Connect is a securities trading and clearing linked program developed by the Hong Kong Exchanges and Clearing
Market (HKEX), Shanghai Stock Exchange (SSE) and China Clear with an aim to achieve mutual stock market access between
the People’s Republic of China (PRC) and Hong Kong. The Stock Connect comprises a Northbound Trading Link and a
Southbound Trading Link. Under the Northbound Trading Link, Hong Kong and overseas investors (including the Company),
through their Hong Kong brokers and a securities trading service company established by the Hong Kong Stock Exchange
(SEHK), may be able to trade eligible China A Shares listed on the SSE by routing orders to SSE. Under the Southbound
Trading Link investors in the PRC will be able to trade certain stocks listed on the SEHK. Under a joint announcement issued by
the SFC and CSRC on 10 November 2014 the Stock Connect commenced trading on 17 November 2014.
Companies and funds investing in the PRC may invest in China A Shares trading on the Shanghai Stock Exchange via Stock
Connect. The Stock Connect is a programme that links the Shanghai Stock Exchange and the SEHK. Under the programme,
investors can access the Shanghai Stock Exchange via the Hong Kong Central Clearing and Settlement System (CCASS)
maintained by the Hong Kong Securities Clearing Company Ltd (HKSCC) as central securities depositary in Hong Kong.
Investing in China A Shares via Stock Connect bypasses the requirement to obtain Renminbi Qualified Foreign Institutional
Investor (RQFII) status which is required for direct access to the Shanghai Stock Exchange.
Quota limitations
Investing in the PRC via Stock Connect is subject to quota limitations which apply to the Investment Manager. In particular,
once the remaining balance of the relevant quota drops to zero or the daily quota is exceeded, buy orders will be rejected
(although investors will be permitted to sell their cross-boundary securities regardless of the quota balance).
Investment thresholds for stock connect funds
The Company may invest no more than 10% of its net asset value in the Stock Connect.
Legal/beneficial ownership
The China A Shares invested in via the Stock Connect will be held by the Trustee in accounts in the Hong Kong Central Clearing
and Settlement System the China Securities Repository and Clearing Company Limited (CCASS) maintained by the HKSCC
as central securities depositary in Hong Kong. HKSCC in turn holds the China A Shares, as the nominee holder, through
an omnibus securities account in its name registered with the China Securities Depository and Clearing Company Limited
(CSDCC). The precise nature and rights of the Stock Connect Funds as the beneficial owners of the China A Shares through
HKSCC as nominee is not well defined under PRC law. There is lack of a clear definition of, and distinction between, “Legal
Ownership” and “Beneficial Ownership” under PRC law and there have been few cases involving a nominee account structure
in the PRC courts. Therefore the exact nature and methods of enforcement of the rights and interests of the Stock Connect
Funds under PRC law is uncertain. Because of this uncertainty, in the unlikely event that HKSCC becomes subject to winding
up proceedings in Hong Kong it is not clear if the China A Shares will be regarded as held for the beneficial ownership of the
Company or as part of the general assets of HKSCC available for general distribution to its creditors.
Clearing and settlement risk
HKSCC and CSDCC will establish the clearing links and each will become a participant of each other to facilitate clearing and
settlement of cross-boundary trades. For cross-boundary trades initiated in a market, the clearing house of that market will
on one hand clear and settle with its own clearing participants, and on the other hand undertake to fulfil the clearing and
settlement obligations of its clearing participants with the counterparty clearing house. As the national central counterparty
of the PRC’s securities market, CSDCC operates a comprehensive network of clearing, settlement and stock holding
infrastructure. CSDCC has established a risk management framework and measures that are approved and supervised by
the CSRC. The chances of CSDCC default are considered to be remote. In the remote event of a CSDCC default, HKSCC’s
liabilities in respect of China A Shares invested in via the Stock Connect will be limited under its market contracts with clearing
participants to assisting clearing participants in pursuing their claims against CSDCC. HKSCC should in good faith, seek
recovery of the outstanding stocks and monies from CSDCC through available legal channels or through CSDCC’s liquidation.
In that event, the Company may suffer a delay in the recovery process or may not fully recover its losses from CSDCC.
Information to be disclosed in respect of
investment in the People’s Republic of
China (PRC) via the Stock Connect
Contents
138 BlackRock Energy and Resources Income Trust plc l Annual Report and Financial Statements 30 November 2025
Job No: 103107 Proof Event: 13 Black Line Level: 5 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Suspension risk
It is contemplated that both the SEHK and the Shanghai Stock Exchange reserve the right to suspend trading if necessary for
ensuring an orderly and fair market and that risks are managed prudently. Consent from the relevant regulator will be sought
before a suspension is triggered. Where a suspension is effected, the Company’s ability to access the PRC market will be
adversely affected.
Differences in trading day
The Stock Connect will only operate on days when both the PRC and Hong Kong markets are open for trading and when
banks in both markets are open on the corresponding settlement days. So it is possible that there are occasions when it is a
normal trading day for the PRC market but the Company cannot carry out any China A Shares trading via the Stock Connect.
The Company may be subject to a risk of price fluctuations in China A Shares during the time when the Stock Connect is not
trading as a result.
Restrictions on selling imposed by front-end monitoring
PRC regulations require that before an investor sells any share, there should be sufficient shares in the account; otherwise the
Shanghai Stock Exchange will reject the sell order concerned. SEHK will carry out pre-trade checking on China A Share sell
orders of its participants (i.e. the stock brokers) to ensure there is no over-selling. If the Company intends to sell certain China
A Shares it holds, it must transfer those China A Shares to the respective accounts of its broker(s) before the market opens
on the day of selling (“trading day”). If it fails to meet this deadline, it will not be able to sell those shares on the trading day.
Because of this requirement, the Company may not be able to dispose of its holdings of China A Shares in a timely manner.
Regulatory risk
The Stock Connect is a novel concept. The current regulations are untested and there is no certainty as to how they will be
applied. In addition, the current regulations are subject to change and there can be no assurance that the Stock Connect will
not be abolished. New regulations may be issued from time to time by the regulators/stock exchanges in the PRC and Hong
Kong in connection with operations, legal enforcement and cross-border trades under the Stock Connect. The Company may
be adversely affected as a result of such changes.
Recalling of eligible stocks
When a stock is recalled from the scope of eligible stocks for trading via the Stock Connect, the stock can only be sold but
restricted from being bought. This may restrict the ability of the Company to acquire shares.
No protection by investor compensation fund
Investment in China A Shares via the Stock Connect is conducted through brokers, and is subject to the risk of default by such
brokers in their obligations. Investments of the Company are not covered by the Hong Kong’s investor compensation fund,
which has been established to pay compensation to investors of any nationality who suffer pecuniary losses as a result of
default of a licensed intermediary or authorised financial institution in relation to exchange-traded products in Hong Kong.
Since default matters in respect of China A Shares invested in via the Stock Connect do not involve products listed or traded on
the SEHK, they will not be covered by the investor compensation fund. Therefore the Company is exposed to the risks of default
of the broker(s) it engages in its trading in China A Shares through the Stock Connect.
Operational risk
The Stock Connect is premised on the functioning of the operational systems of the relevant market participants. Market
participants are permitted to participate in this program subject to meeting certain information technology capability, risk
management and other requirements as may be specified by the relevant exchange and/or clearing house.
The securities regimes and legal systems of the SEHK and the Shanghai Stock Exchange differ significantly and market
participants may need to address issues arising from the differences on an on-going basis. There is no assurance that
the systems of the SEHK and market participants will function properly or will continue to be adapted to changes and
developments in both markets. In the event that the relevant systems fail to function properly, trading in both markets
through the program could be disrupted. The Company’s ability to access the China A Share market (and hence to pursue its
investment strategy) may be adversely affected.
Information to be disclosed in respect of
investment in the People’s Republic of
China (PRC) via the Stock Connect continued
Contents
Section 5: Additional information 139
Job No: 103107 Proof Event: 13 Black Line Level: 5 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Taxation risks
The PRC tax authorities have also made announcements that gains derived from China A Shares investments via the Stock
Connects would be temporarily exempted from PRC taxation effective from 17 November 2014. This temporary exemption
applies to China A-Shares generally, including shares in PRC ‘land-rich’ companies. The duration of the period of temporary
exemption has not been stated and may be subject to termination by the PRC tax authorities with or without notice and, in
the worst case, retrospectively. If the temporary exemption is withdrawn the relevant Stock Connect Funds would be subject
to PRC taxation in respect of gains on China A Shares and the resultant tax liability would eventually be borne by investors.
However, this liability may be mitigated under the terms of an applicable tax treaty, and if so, such benefits will also be passed
to investors.
Contents
140 BlackRock Energy and Resources Income Trust plc l Annual Report and Financial Statements 30 November 2025
Job No: 103107 Proof Event: 13 Black Line Level: 5 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Depositary report
The Bank of New York Mellon
(International) Limited
160 Queen Victoria Street
London EC4V 4LA
T +44 (0)20 7570 1784
The Bank of New York Mellon (International) Limited is registered in England & Wales with Company 3236121 with its
Registered Office at 160 Queen Victoria Street London EC4V 4LA. Authorised by the Prudential Regulation Authority and
regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
22 December 2025
To the Board of Directors
BlackRock Energy and Resources Income Trust Plc
12 Throgmorton Avenue,
London
EC2N 2DL
Dear Sir / Madam,
Re: BlackRock Energy and Resources Income Trust Plc (‘the Entity’)
Statement of the Depositary's Responsibilities in Respect of the Scheme and Report of the Depositary to the
Shareholders of the BlackRock Energy and Resources Income Trust Plc (“the Company”) for the Period
Ended 30 November 2025.
The Depositary must ensure that the Company is managed in accordance with the Financial Conduct
Authority’s Investment Funds Sourcebook, (“the Sourcebook”), the Alternative Investment Fund Managers
Directive (“AIFMD”) (together “the Regulations”) and the Company’s Articles of Association.
The Depositary must in the context of its role act honestly, fairly, professionally, independently and in the
interests of the Company and its investors.
The Depositary is responsible for the safekeeping of the assets of the Company in accordance with the
Regulations.
The Depositary must ensure that:
• the Company’s cash flows are properly monitored and that cash of the Company is booked into the cash
accounts in accordance with the Regulations;
• the sale, issue, repurchase, redemption and cancellation of shares are carried out in accordance with the
Regulations;
• the assets under management and the net asset value per share of the Company are calculated in
accordance with the Regulations;
• any consideration relating to transactions in the Company’s assets is remitted to the Company within the
usual time limits;
• that the Company’s income is applied in accordance with the Regulations; and
• the instructions of the Alternative Investment Fund Manager (“the AIFM”) are carried out (unless they
conflict with the Regulations).
The Depositary also has a duty to take reasonable care to ensure that Company is managed in accordance
with the Articles of Association in relation to the investment and borrowing powers applicable to the
Company.
Having carried out such procedures as we consider necessary to discharge our responsibilities as Depositary
of the Company, it is our opinion, based on the information available to us and the explanations provided,
that in all material respects the Company, acting through the AIFM has been managed in accordance with
the rules in the Sourcebook, the Articles of Association of the Company and as required by the AIFMD.
Yours sincerely
Colin Campbell
Senior Manager
The Bank of New York Mellon (International) Limited – UK Trustee & Depositary
The Bank of New York Mellon
(International) Limited
160 Queen Victoria Street
London EC4V 4LA
T +44 (0)20 7570 1784
The Bank of New York Mellon (International) Limited is registered in England & Wales with Company 3236121 with its
Registered Office at 160 Queen Victoria Street London EC4V 4LA. Authorised by the Prudential Regulation Authority and
regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
22 December 2025
To the Board of Directors
BlackRock Energy and Resources Income Trust Plc
12 Throgmorton Avenue,
London
EC2N 2DL
Dear Sir / Madam,
Re: BlackRock Energy and Resources Income Trust Plc (‘the Entity’)
Statement of the Depositary's Responsibilities in Respect of the Scheme and Report of the Depositary to the
Shareholders of the BlackRock Energy and Resources Income Trust Plc (“the Company”) for the Period
Ended 30 November 2025.
The Depositary must ensure that the Company is managed in accordance with the Financial Conduct
Authority’s Investment Funds Sourcebook, (“the Sourcebook”), the Alternative Investment Fund Managers
Directive (“AIFMD”) (together “the Regulations”) and the Company’s Articles of Association.
The Depositary must in the context of its role act honestly, fairly, professionally, independently and in the
interests of the Company and its investors.
The Depositary is responsible for the safekeeping of the assets of the Company in accordance with the
Regulations.
The Depositary must ensure that:
• the Company’s cash flows are properly monitored and that cash of the Company is booked into the cash
accounts in accordance with the Regulations;
• the sale, issue, repurchase, redemption and cancellation of shares are carried out in accordance with the
Regulations;
• the assets under management and the net asset value per share of the Company are calculated in
accordance with the Regulations;
• any consideration relating to transactions in the Company’s assets is remitted to the Company within the
usual time limits;
• that the Company’s income is applied in accordance with the Regulations; and
• the instructions of the Alternative Investment Fund Manager (“the AIFM”) are carried out (unless they
conflict with the Regulations).
The Depositary also has a duty to take reasonable care to ensure that Company is managed in accordance
with the Articles of Association in relation to the investment and borrowing powers applicable to the
Company.
Having carried out such procedures as we consider necessary to discharge our responsibilities as Depositary
of the Company, it is our opinion, based on the information available to us and the explanations provided,
that in all material respects the Company, acting through the AIFM has been managed in accordance with
the rules in the Sourcebook, the Articles of Association of the Company and as required by the AIFMD.
Yours sincerely
Colin Campbell
Senior Manager
The Bank of New York Mellon (International) Limited – UK Trustee & Depositary
The Bank of New York Mellon
(International) Limited
160 Queen Victoria Street
London EC4V 4LA
T +44 (0)20 7570 1784
The Bank of New York Mellon (International) Limited is registered in England & Wales with Company 3236121 with its
Registered Office at 160 Queen Victoria Street London EC4V 4LA. Authorised by the Prudential Regulation Authority and
regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
22 December 2025
To the Board of Directors
BlackRock Energy and Resources Income Trust Plc
12 Throgmorton Avenue,
London
EC2N 2DL
Dear Sir / Madam,
Re: BlackRock Energy and Resources Income Trust Plc (‘the Entity’)
Statement of the Depositary's Responsibilities in Respect of the Scheme and Report of the Depositary to the
Shareholders of the BlackRock Energy and Resources Income Trust Plc (“the Company”) for the Period
Ended 30 November 2025.
The Depositary must ensure that the Company is managed in accordance with the Financial Conduct
Authority’s Investment Funds Sourcebook, (“the Sourcebook”), the Alternative Investment Fund Managers
Directive (“AIFMD”) (together “the Regulations”) and the Company’s Articles of Association.
The Depositary must in the context of its role act honestly, fairly, professionally, independently and in the
interests of the Company and its investors.
The Depositary is responsible for the safekeeping of the assets of the Company in accordance with the
Regulations.
The Depositary must ensure that:
• the Company’s cash flows are properly monitored and that cash of the Company is booked into the cash
accounts in accordance with the Regulations;
• the sale, issue, repurchase, redemption and cancellation of shares are carried out in accordance with the
Regulations;
• the assets under management and the net asset value per share of the Company are calculated in
accordance with the Regulations;
• any consideration relating to transactions in the Company’s assets is remitted to the Company within the
usual time limits;
• that the Company’s income is applied in accordance with the Regulations; and
• the instructions of the Alternative Investment Fund Manager (“the AIFM”) are carried out (unless they
conflict with the Regulations).
The Depositary also has a duty to take reasonable care to ensure that Company is managed in accordance
with the Articles of Association in relation to the investment and borrowing powers applicable to the
Company.
Having carried out such procedures as we consider necessary to discharge our responsibilities as Depositary
of the Company, it is our opinion, based on the information available to us and the explanations provided,
that in all material respects the Company, acting through the AIFM has been managed in accordance with
the rules in the Sourcebook, the Articles of Association of the Company and as required by the AIFMD.
Yours sincerely
Colin Campbell
Senior Manager
The Bank of New York Mellon (International) Limited – UK Trustee & Depositary
The Bank of New York Mellon
(International) Limited
160 Queen Victoria Street
London EC4V 4LA
T +44 (0)20 7570 1784
The Bank of New York Mellon (International) Limited is registered in England & Wales with Company 3236121 with its
Registered Office at 160 Queen Victoria Street London EC4V 4LA. Authorised by the Prudential Regulation Authority and
regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
22 December 2025
To the Board of Directors
BlackRock Energy and Resources Income Trust Plc
12 Throgmorton Avenue,
London
EC2N 2DL
Dear Sir / Madam,
Re: BlackRock Energy and Resources Income Trust Plc (‘the Entity’)
Statement of the Depositary's Responsibilities in Respect of the Scheme and Report of the Depositary to the
Shareholders of the BlackRock Energy and Resources Income Trust Plc (“the Company”) for the Period
Ended 30 November 2025.
The Depositary must ensure that the Company is managed in accordance with the Financial Conduct
Authority’s Investment Funds Sourcebook, (“the Sourcebook”), the Alternative Investment Fund Managers
Directive (“AIFMD”) (together “the Regulations”) and the Company’s Articles of Association.
The Depositary must in the context of its role act honestly, fairly, professionally, independently and in the
interests of the Company and its investors.
The Depositary is responsible for the safekeeping of the assets of the Company in accordance with the
Regulations.
The Depositary must ensure that:
• the Company’s cash flows are properly monitored and that cash of the Company is booked into the cash
accounts in accordance with the Regulations;
• the sale, issue, repurchase, redemption and cancellation of shares are carried out in accordance with the
Regulations;
• the assets under management and the net asset value per share of the Company are calculated in
accordance with the Regulations;
• any consideration relating to transactions in the Company’s assets is remitted to the Company within the
usual time limits;
• that the Company’s income is applied in accordance with the Regulations; and
• the instructions of the Alternative Investment Fund Manager (“the AIFM”) are carried out (unless they
conflict with the Regulations).
The Depositary also has a duty to take reasonable care to ensure that Company is managed in accordance
with the Articles of Association in relation to the investment and borrowing powers applicable to the
Company.
Having carried out such procedures as we consider necessary to discharge our responsibilities as Depositary
of the Company, it is our opinion, based on the information available to us and the explanations provided,
that in all material respects the Company, acting through the AIFM has been managed in accordance with
the rules in the Sourcebook, the Articles of Association of the Company and as required by the AIFMD.
Yours sincerely
Colin Campbell
Senior Manager
The Bank of New York Mellon (International) Limited – UK Trustee & Depositary
Contents
Section 5: Additional information 141
Job No: 103107 Proof Event: 13 Black Line Level: 5 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Alternative Performance Measure (APM)
An APM is a measure of performance or financial position that is not defined in applicable accounting standards and cannot
be directly derived from the financial statements.
The Group’s APMs are set out below and are cross-referenced where relevant to the financial inputs used to derive them as
contained in other sections of the Annual Financial Report.
Closed-end company
An investment trust works along the same lines as a unit trust, in that it pools money from investors which is then managed
on a collective basis. The main difference is that an investment trust is a company listed on the Stock Exchange and, in most
cases, trading takes place in shares which have already been issued, rather than through the creation or redemption of units.
As the number of shares which can be issued or cancelled at any one time is limited, and requires the approval of existing
shareholders, investment trusts are known as closed end funds or companies. This means that investment trusts are not
subject to the same liquidity constraints as open ended funds and can therefore invest in less liquid investments.
Discount and premium*
Investment trust shares can frequently trade at a discount to NAV. This occurs when the share price (based on the mid-
market share price) is less than the NAV and investors may therefore buy shares at less than the value attributable to them
by reference to the underlying assets. The discount is the difference between the share price and the NAV, expressed as a
percentage of the NAV.
Discount calculation
As at
30 November
2025
pence
As at
30 November
2024
pence
Ordinary share price 150.00 121.00 (a)
Net asset value per ordinary share 164.30 137.66 (b)
Premium/(discount) (c = (a-b)/b) (%) (8.7) (12.1) (c)
A premium occurs when the share price (based on the mid-market share price) is more than the NAV and investors would
therefore be paying more than the value attributable to the shares by reference to the underlying assets. For example, if the
share price was 370p and the NAV 365p, the premium would be 1.4%.
Discounts and premiums are mainly the consequence of supply and demand for the shares on the stock market.
Gearing and borrowings*
Investment companies can borrow to purchase additional investments. This is called ‘gearing’. It allows investment companies
to take advantage of a long-term view on a sector or to take advantage of a favourable situation or a particularly attractive stock
without having to sell existing investments.
Gearing works by magnifying a company’s performance. If a company ‘gears up’ and then markets rise and returns on the
investments outstrip the costs of borrowing, the overall returns to investors will be even greater. But if markets fall and the
performance of the assets in the portfolio is poor, then losses suffered by the investor will also be magnified.
The Group may achieve gearing through borrowings or the effect of gearing through an appropriate balance of equity capital,
investment in derivatives and structured financial instruments, and borrowings. Gearing through the use of derivatives is limited
to a maximum of 30% of the Group’s assets for the purposes of efficient portfolio management and to enhance portfolio returns.
Gearing through borrowings is limited to 40% of the Group’s gross assets; however borrowings are not envisaged to exceed 20%
of the Group’s gross assets at the date or drawdown.
Glossary
* Alternative Performance Measure.
Contents
142 BlackRock Energy and Resources Income Trust plc l Annual Report and Financial Statements 30 November 2025
Job No: 103107 Proof Event: 13 Black Line Level: 5 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Net gearing calculation
Page
As at
30 November
2025
£’000
As at
30 November
2024
£’000
Net assets 98 182,814 167,327 (a)
Borrowings 98 6,869 25,944 (b)
Total assets (a+b) 189,683 193,271 (c)
Current assets
1
98 616 4,934 (d)
Current liabilities (excluding borrowings) 98 (1,050) (1,415) (e)
Net current assets (d+e) (434) 3,519 (f)
Net gearing figure (g=(c-f-a)/a) (%) 4.0 13.4 (g)
1
Includes cash at bank.
Gross assets
Gross assets is defined as the total of the Group’s net assets and borrowings.
Leverage
Leverage is defined in the AIFM Directive as “any method by which the AIFM increases the exposure of an AIF it manages
whether through borrowing of cash or securities, or leverage embedded in derivative positions or by any other means”.
Leverage is measured in terms of ‘exposure’ and is expressed as a ratio of net asset value:
Leverage ratio
=
Exposure
Net assets
The Directive sets out two methodologies for calculating exposure. These are the Gross Method and the Commitment Method.
The treatment of cash and cash equivalent balances in terms of calculating what constitutes an “exposure” under AIFMD
differs for these two methods. The definitions for calculating the Gross Method exposures require that “the value of any cash
and cash equivalents which are highly liquid investments held in the base currency of the AIF, that are readily convertible to a
known amount of cash, are subject to an insignificant risk of change in value and provide a return no greater than the rate of a
three-month high quality government bond” should be excluded from exposure calculations.
NAV and share price return (with dividends reinvested)*
Performance statistics enable the investor to make performance comparisons between investment trusts with different dividend
policies. The performance measures the combined effect of any dividends paid, together with the rise or fall in the share price
or NAV. This is calculated by the movement in the share price or NAV plus the dividends paid by the Group assuming these are
reinvested in the Group at the prevailing NAV/share price.
NAV total return
For the year
ended
30 November
2025
pence
For the year
ended
30 November
2024
pence
For the
period since
inception to
30 November
2025
pence
For the
period since
inception to
30 November
2024
pence
Closing NAV per share 164.30 137.66 164.30 137.66
Add back quarterly dividends 4.63 4.50 99.29 94.67
Effect of dividend reinvestment 1.16 0.37 172.24 120.40
Adjusted closing NAV 170.09 142.53 435.83 352.73 (a)
Opening NAV per share 137.66 123.58 98.00 98.00 (b)
NAV total return (c = (a-b)/b) (%) 23.6 15.3 344.7 259.9 (c)
* Alternative Performance Measure.
Glossary
continued
Contents
Section 5: Additional information 143
Job No: 103107 Proof Event: 13 Black Line Level: 5 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Share price total return
For the year
ended
30 November
2025
pence
For the year
ended
30 November
2024
pence
For the
period since
inception to
30 November
2025
pence
For the
period since
inception to
30 November
2024
pence
Closing share price 150.00 121.00 150.00 121.00
Add back quarterly dividends 4.63 4.50 99.29 94.67
Effect of dividend reinvestment 1.20 0.31 160.79 102.75
Adjusted closing share price 155.83 125.81 410.08 318.42 (a)
Opening share price 121.00 110.40 100.00 100.00 (b)
Share price total return (c = (a-b)/b) (%) 28.8 14.0 310.1 218.4 (c)
Net asset value per share (Cum income NAV)
This is the value of the Group’s assets attributable to one ordinary share. It is calculated by dividing ‘equity shareholders’
funds’ by the total number of ordinary shares in issue (excluding treasury shares).
Cum income NAV calculation
As at
30 November
2025
As at
30 November
2024
Equity shareholders’ funds (£’000) 182,814 167,327 (a)
Ordinary shares in issue 111,269,497 121,552,497 (b)
Cum income NAV (c = a/b) (pence) 164.30 137.66 (c)
Equity shareholders’ funds are calculated by deducting from the Group’s total assets, its current and long-term liabilities and
any provision for liabilities and charges.
Net asset value per share (Capital only NAV)*
The capital only NAV is a popular point of reference when comparing a range of investment trusts. This NAV focuses on the
value of the Group’s assets disregarding the current period revenue income, on the basis that most trusts will distribute
substantially all of their income in any financial period. It is also the measure adopted by the Association of Investment
Companies for preparation of statistical data. It is calculated by dividing ‘equity shareholders’ funds’ (excluding current period
revenue) by the total number of ordinary shares in issue.
Capital only NAV calculation
As at
30 November
2025
As at
30 November
2024
Capital only NAV (£’000) (g) 182,777 166,977 (a)
Ordinary shares in issue 111,269,497 121,552,497 (b)
Capital only NAV (c = a/b) (pence) 164.27 137.37 (c)
Capital only NAV calculation
As at
30 November
2025
£’000
As at
30 November
2024
£’000
Net assets 182,814 167,327 (d)
Current period revenue return (4,076) (4,541) (e)
Quarterly dividends pid from current year revenue 4,039 4,191 (f)
Capital only NAV (g = d-e+f) 182,777 166,977 (g)
* Alternative Performance Measure.
Contents
144 BlackRock Energy and Resources Income Trust plc l Annual Report and Financial Statements 30 November 2025
Job No: 103107 Proof Event: 13 Black Line Level: 5 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Ongoing charges ratio*
Ongoing charges (%)
=
Annualised ongoing charges
Average undiluted net asset value
in the period
Ongoing charges are those expenses of a type which are likely to recur in the foreseeable future, whether charged to capital or
revenue, and which relate to the operation of the investment company as a collective fund. Ongoing charges are based on costs
incurred in the year as being the best estimate of future costs and include the annual management charge.
As recommended by the AIC in its guidance, ongoing charges are calculated using the Group’s annualised recurring revenue and
capital expenses (excluding finance costs, direct transaction costs, custody transaction charges, VAT recovered, taxation, prior
year expenses written back and certain non-recurring items) expressed as a percentage of the average daily net assets of the
Group during the year.
The inputs that have been used to calculate the ongoing charges percentage are set out in the following table.
Ongoing charges calculation
Page
As at
30 November
2025
£’000
As at
30 November
2024
£’000
Management fee 104 1,305 1,425
Other operating expenses
1
105 482 511
Total management fee and other operating expenses 1,787 1,936 (a)
Average daily net assets in the year 155,233 161,847 (b)
Ongoing charges (c = a/b) (%) 1.15 1.20 (c)
1
Excluding the write back of prior year expenses totalling £nil (2024: £nil).
Up to 30 November 2024, the Company’s ongoing charges were capped at 1.25% per annum of average daily net assets.
From 1 December 2024, this cap was reduced to 1.15% per annum of average daily net assets.
Options and options overwriting strategy
An option is a contract that offers the buyer the right, but not the obligation, to buy (call) or sell (put) a security or other
financial asset at an agreed-upon price (the strike price) during a certain period of time or on a specific date (exercise date) for
a fee (the premium). The sale of call or put options on stocks that are believed to be overpriced or underpriced, based on the
assumption that the options will not be exercised, is referred to as an ‘options overwriting’ strategy.
The seller of the option collects a premium but, if the option subsequently expires without being exercised, there will be no
down side for the seller. However, if the stock rises above the exercise price the holder of the option is likely to exercise the
option and this strategy can reduce returns in a rising market.
The Group employs an options overwriting strategy but seeks to mitigate risk by utilising predominantly covered call options
(meaning that call options are only written in respect of stocks already owned within the Group’s portfolio such that, if the
options are exercised, the Group does not need to purchase stock externally at fluctuating market prices to meet its obligations
under the options contract). Any use of derivatives for efficient portfolio management and options for investment purposes will
be made on the basis of the same principles of risk spreading and diversification that apply to the Group’s direct investments.
Quoted securities and unquoted securities
Securities that trade on an exchange for which there is a publicly quoted price. Unquoted securities are financial securities
that do not trade on an exchange and for which there is not a publicly quoted price.
* Alternative Performance Measure.
Glossary
continued
Contents
Section 5: Additional information 145
Job No: 103107 Proof Event: 13 Black Line Level: 5 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Reference index
Reference index is the blended comparator index comprised of three indices – the MSCI ACWI Select Metals & Mining
Producers Ex Gold and Silver IM (Mining), the MSCI World Energy Index (Traditional Energy) and S&P Global Clean Energy
Transition Index (Energy Transition) with a 40:30:30 mix of the 3 indices.
Revenue profit and revenue reserves
Revenue profit is the net revenue income earned after deduction of fees and expenses allocated to the revenue account and
taxation suffered by the Group. Revenue reserves is the undistributed income that the Group keeps as reserves. Investment
trusts do not have to distribute all the income they generate, after expenses. They may retain up to 15% of revenue generated
which will be held in a revenue reserve. This reserve can be used at a later date to supplement dividend payments to
shareholders.
Treasury shares
Treasury shares are shares that a company keeps in its own treasury which are not currently issued to the public. These
shares do not pay dividends, have no voting rights and are not included in a company’s total issued share capital amount for
calculating percentage ownership. Treasury stock may have come from a repurchase or buy back from shareholders, or it may
never have been issued to the public in the first place. Treasury shares may be reissued from treasury to the public to meet
demand for a company’s shares in certain circumstances.
Total dividends and yield*
Total dividends represent interim and final dividends declared by the Company for a particular year. The yield is the amount of
cash (in percentage terms) that is returned to the owners of the security, in the form of interest or dividends received from it.
Normally, it does not include the price variations, distinguishing it from the total return.
Page
As at
30 November
2025
pence
As at
30 November
2024
pence
Interim dividends paid/payable
1
107 4.750 4.500 (a)
Ordinary share price 108 150.00 121.00 (b)
Yield (c = a/b) (%) 3.2 3.7 (c)
1
Comprising dividends declared/paid for the twelve months to 30 November.
* Alternative Performance Measure.
Contents
Job No: 103107 Proof Event: 13 Black Line Level: 5 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Contents
Section 6: Notice of annual general meeting 147
Annual
general
meeting
Job No: 46035 Proof Event: 2 Black Line Level: 0 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2021 T: 0207 055 6500 F: 020 7055 6600
We added Galp and Repsol to the portfolio given their relative exposure to refining,
where margins continue to be well-supported. The only refinery operating in Portugal,
Galp’s Sines refinery is one of the largest on the Iberian Peninsula and is able to distil
226,000 barrels per day.
PHOTO COURTESY OF GALP
Contents
148 BlackRock Energy and Resources Income Trust plc l Annual Report and Financial Statements 30 November 2025
Job No: 103107 Proof Event: 13 Black Line Level: 5 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Notice is hereby given that the next Annual General Meeting of BlackRock Energy and Resources Income Trust plc (the
“Company”) will be held at the offices of BlackRock at 12 Throgmorton Avenue, London EC2N 2DL on Wednesday, 25 March
2026 at 12.00 noon for the purpose of considering and, if thought fit, passing the following resolutions (which will be proposed
in the case of resolutions 1 to 12, as ordinary resolutions and, in the case of resolutions 13 to 15, as special resolutions). More
information in respect of the contribution of each Director to support their re-election is given in the Directors’ Report on
pages 55 to 63.
Ordinary business
1. To receive the report of the Directors of the Company and the financial statements for the year ended 30 November 2025,
together with the report of the Auditor thereon.
2. To approve the Directors’ Remuneration Report for the year ended 30 November 2025.
3. To approve the Directors’ Remuneration Policy as set out on pages 69 and 70.
4. That the shareholders approve the Company’s dividend policy to continue to pay four quarterly interim dividends, which in
the year under review totalled 4.75p per share.
5. To re-elect Mr Brown as a Director.
6. To re-elect Mr Robson as a Director.
7. To re-elect Mrs Ferguson as a Director.
8. To re-elect Mrs Cannon as a Director.
9. To reappoint Deloitte LLP as Auditor of the Company to hold office until the conclusion of the next Annual General
Meeting of the Company.
10. To authorise the Audit and Management Engagement Committee to determine the Auditor’s remuneration.
Special business
Ordinary resolutions
11 That the Company should continue in being as an investment company.
12. That, in addition to all existing authorities, the Directors of the Company be and they are hereby generally and
unconditionally authorised pursuant to Section 551 of the Companies Act 2006 (the “Act”), to exercise all the powers of the
Company to allot ordinary shares of 1p each in the capital of the Company (the “Ordinary Shares”) and to grant rights to
subscribe for or to convert any security into Ordinary Shares (together the “Securities”) up to an aggregate nominal amount
of £102,197 (equivalent to 10,219,799 Ordinary Shares representing approximately 10% of the aggregate nominal amount
of the issued Ordinary Share capital, excluding any treasury shares of the Company at the date of this notice) provided that
this authority shall (unless previously revoked) expire at the conclusion of the next Annual General Meeting of the Company
to be held in 2027, but the Company shall be entitled to make offers or agreements before the expiry of this authority which
would or might require Securities to be allotted after such expiry and the Directors may allot such Securities pursuant to any
such offer or agreement as if the power conferred hereby had not expired.
Special resolutions
13. That, subject to the passing of resolution 12 above and in addition to all existing authorities, the Directors of the Company
be and are hereby empowered pursuant to Sections 570 and 573 of the Act to allot equity securities (as defined in Section
560 of the Act) pursuant to the authority granted in resolution 12 above, and to sell equity securities held by the Company
as treasury shares (as defined in Section 724 of the Act) for cash, as if Section 561(1) of the Act did not apply to any such
allotments and sales of equity securities, provided that this authority:
Notice of annual general meeting
Contents
Section 6: Notice of annual general meeting 149
Job No: 103107 Proof Event: 13 Black Line Level: 5 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
(a) shall expire at the conclusion of the next Annual General Meeting of the Company to be held in 2027, except that the
Company may before such expiry make offers or agreements which would or might require equity securities to be
allotted or sold after such expiry and notwithstanding such expiry the Directors may allot and sell equity securities in
pursuance of such offers or agreements;
(b) shall be limited to the allotment of equity securities and/or sale of equity securities held in treasury for cash up to an
aggregate nominal amount of £102,197 (equivalent to 10,219,799 Ordinary Shares representing approximately 10%
of the aggregate nominal amount of the issued Ordinary Share capital, excluding treasury shares of the Company at
the date of this notice); and
(c) shall be limited to the allotment of equity securities and/or the sale of equity securities held in treasury at a price of
not less than the net asset value per Ordinary Share as close as practicable to the allotment or sale.
14. That, in substitution for the Company’s existing authority to make market purchases of Ordinary Shares, the Company be
and is hereby generally and, subject as hereinafter appears, unconditionally authorised in accordance with Section 701 of
the Act to make market purchases of Ordinary Shares (within the meaning of Section 693 of the Act) provided that:
(a) the maximum number of Ordinary Shares hereby authorised to be purchased shall be 15,329,699 or, if less, that
number of Ordinary Shares which is equal to 14.99% of the Company’s issued Ordinary Share capital (excluding any
treasury shares) at the date of the Annual General Meeting;
(b) the minimum price (exclusive of expenses) which may be paid for any such Ordinary Share shall be 1p being the
nominal value per Ordinary Share;
(c) the maximum price (exclusive of expenses) which may be paid for any such Ordinary Share shall be no more than the
higher of (i) an amount equal to 105% of the average of the middle market quotations of an Ordinary Share taken
from the London Stock Exchange Daily Official List for the five business days prior to the day on which the market
purchase is made and (ii) an amount equal to the higher of the price quoted for (a) the last independent trade of; and
(b) the highest current independent bid for, any number of Ordinary Shares on the trading venue where the purchase
is carried out; and
(d) unless renewed varied or revoked by the Company in general meeting, the authority hereby conferred shall expire at
the conclusion of the Annual General Meeting of the Company to be held in 2027 save that the Company may, prior
to such expiry, enter into a contract to purchase Ordinary Shares under the authority hereby conferred and may make
a purchase of Ordinary Shares pursuant to any such contract notwithstanding such expiry.
All Ordinary Shares purchased pursuant to the above authority shall be either:
(a) cancelled immediately on completion of the purchase; or
(b) held, sold, transferred or otherwise dealt with as treasury shares in accordance with the provisions of the Act.
15. That, the period of notice required for general meetings of the Company (other than Annual General Meetings) shall be not
less than 14 clear days’ notice.
By order of the Board
GRAHAM VENABLES
For and on behalf of
BlackRock Investment Management (UK) Limited
Company Secretary
5 February 2026
Registered Office:
12 Throgmorton Avenue
London EC2N 2DL
Contents
150 BlackRock Energy and Resources Income Trust plc l Annual Report and Financial Statements 30 November 2025
Job No: 103107 Proof Event: 13 Black Line Level: 5 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Notes:
1. A member entitled to attend and vote at the meeting convened by the above Notice is also entitled to appoint one or more proxies
to exercise all or any of the rights of the member to attend, speak and vote in his place. A proxy need not be a member of the
Company. If a member appoints more than one proxy to attend the meeting, each proxy must be appointed to exercise the rights
attached to a different share or shares held by the member.
2. To appoint a proxy you may use the Form of Proxy enclosed with this Notice of Annual General Meeting. To be valid, the Form
of Proxy, together with the power of attorney or other authority (if any) under which it is signed or a notarially certified or office
copy of the same, must be completed and returned to the office of the Company’s registrar in accordance with the instructions
thereon as soon as possible and in any event by not later than 12.00 noon on 23 March 2026 (Saturdays, Sundays and public
holidays excepted). Amended instructions must also be received by the Company’s registrar by the deadline for receipt of forms
of proxy. Alternatively you can vote or appoint a proxy electronically by visiting eproxyappointment.com. You will be asked to enter
the Control Number, the Shareholder Reference Number and PIN which are printed on the Form of Proxy. The latest time for the
submission of proxy votes electronically is 12.00 noon on 23 March 2026 (Saturdays, Sundays and public holidays excepted).
3. Proxymity Voting – if you are an institutional investor you may also be able to appoint a proxy electronically via the Proxymity
platform, a process which has been agreed by the Company and approved by the Registrar. For further information regarding
Proxymity, please go to www.proxymity.io. Your proxy must be lodged by 12.00 noon on 23 March 2026 in order to be considered
valid. Before you can appoint a proxy via this process you will need to have agreed to Proxymity’s associated terms and conditions.
It is important that you read these carefully as you will be bound by them and they will govern the electronic appointment of your
proxy.
4. Completion and return of the Form of Proxy will not prevent a member from attending the meeting and voting in person.
5. Any person receiving a copy of this Notice as a person nominated by a member to enjoy information rights under Section
146 of the Companies Act 2006 (a Nominated Person) should note that the provisions in notes 1 and 2 above concerning the
appointment of a proxy or proxies to attend the meeting in place of a member, do not apply to a Nominated Person as only ordinary
shareholders have the right to appoint a proxy. However, a Nominated Person may have a right under an agreement between the
Nominated Person and the member by whom he or she was nominated to be appointed, or to have someone else appointed, as
proxy for the meeting. If a Nominated Person has no such proxy appointment right or does not wish to exercise it, he/she may have
a right under such agreement to give instructions to the member as to the exercise of voting rights at the meeting.
6. Nominated Persons should also remember that their main point of contact in terms of their investment in the Company remains
the member who nominated the Nominated Person to enjoy the information rights (or perhaps the custodian or broker who
administers the investment on their behalf). Nominated Persons should continue to contact that member, custodian or broker
(and not the Company) regarding any changes or queries relating to the Nominated Person’s personal details and interest in the
Company (including any administrative matter). The only exception to this is where the Company expressly requests a response
from the Nominated Person.
7. Pursuant to regulation 41 of the Uncertificated Securities Regulations 2001, only ordinary shareholders registered in the register
of members of the Company by not later than 6.00 p.m. two days prior to the time fixed for the meeting shall be entitled to
attend and vote at the meeting in respect of the number of ordinary shares registered in their name at such time. If the meeting
is adjourned, the time by which a person must be entered on the register of members of the Company in order to have the right
to attend and vote at the adjourned meeting is 6.00 p.m. two days prior to the time of adjournment. Changes to the register of
members after the relevant times shall be disregarded in determining the rights of any person to attend and vote at the meeting.
8. In the case of joint holders, the vote of the senior holder who tenders a vote, whether in person or by proxy, shall be accepted to the
exclusion of the votes of the other joint holders and, for this purpose, seniority will be determined by the order in which the names
stand in the register of members of the Company in respect of the relevant joint holding.
9. Shareholders who hold their ordinary shares electronically may submit their votes through CREST, by submitting the appropriate
and authenticated CREST message so as to be received by the Company’s registrar not later than 48 hours before the start of
the meeting (excluding non-working days). Instructions on how to vote through CREST can be found by accessing the following
website: euroclear.com/CREST. Shareholders are advised that CREST and the internet are the only methods by which completed
proxies can be submitted electronically.
10. If you are a CREST system user (including a CREST personal member) you can appoint one or more proxies or give an instruction
to a proxy by having an appropriate CREST message transmitted. To appoint one or more proxies or to give an instruction to a
proxy (whether previously appointed or otherwise) via the CREST system, CREST messages must be received by Computershare
(ID number 3RA50) not later than 48 hours before the time appointed for holding the meeting (excluding non-working days). For
this purpose, the time of receipt will be taken to be the time (as determined by the timestamp generated by the CREST system)
from which Computershare is able to retrieve the message. CREST personal members or other CREST sponsored members should
contact their CREST sponsor for assistance with appointing proxies via CREST. For further information on CREST procedures,
limitations and system timings please refer to the CREST manual. The Company may treat as invalid a proxy appointment sent by
CREST in the circumstances set out in Regulation 35(5)(a) of The Uncertificated Securities Regulations 2001.
Notice of annual general meeting
continued
Contents
Section 6: Notice of annual general meeting 151
Job No: 103107 Proof Event: 13 Black Line Level: 5 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
11. If the Chairman, as a result of any proxy appointments, is given discretion as to how the votes subject of those proxies are cast and
the voting rights in respect of those discretionary proxies, when added to the interest in the Company’s securities already held by
the Chairman, result in the Chairman holding such number of voting rights that he has a notifiable obligation under the Disclosure
Guidance and Transparency Rules, the Chairman will make the necessary notifications to the Company and the Financial
Conduct Authority. As a result, any member holding 3% or more of the voting rights in the Company, who grants the Chairman a
discretionary proxy in respect of some or all of those voting rights and so would otherwise have a notification obligation under the
Disclosure Guidance and Transparency Rules, need not make a separate notification to the Company and the Financial Conduct
Authority.
12. Any questions relevant to the business of the meeting may be asked at the meeting by anyone permitted to speak at the meeting.
A shareholder may alternatively submit a question in advance by a letter addressed to the Company Secretary at the Company’s
registered office. Under Section 319A of the Companies Act 2006, the Company must answer any question a shareholder asks
relating to the business being dealt with at the meeting, unless (i) answering the question would interfere unduly with the
preparation for the meeting or involve the disclosure of confidential information; (ii) the answer had already been given on a
website in the form of an answer to a question; or (iii) it is undesirable in the interests of the Company or the good order of the
meeting that the question be answered.
13. Any corporation which is a member can appoint one or more corporate representatives who may exercise on its behalf all of its
powers as a member provided that, if it is appointing more than one corporate representative, it does not do so in relation to the
same shares. It is therefore no longer necessary to nominate a designated corporate representative.
14. Under Section 527 of the Companies Act 2006, members meeting the threshold requirements set out in that section have the right
to require the Company to publish on a website a statement setting out any matter relating to:
(i) the audit of the Company’s accounts (including the Auditor’s report and the conduct of the audit) that are laid before the
meeting; or
(ii) any circumstance connected with an auditor of the Company ceasing to hold office since the previous meeting at which annual
accounts and reports were laid in accordance with Section 437 of the Companies Act 2006.
The Company may not require the members requesting such website publication to pay its expenses in complying with Sections
527 or 528 of the Companies Act 2006. Where the Company is required to place a statement on a website under Section 527 of the
Companies Act 2006, it must forward the statement to the Company’s Auditor not later than the time when it makes the statement
available on the website. The business which may be dealt with at the meeting includes any statement that the Company has been
required under Section 527 of the Companies Act 2006 to publish on a website.
15. Under Sections 338 and 338A of the Companies Act 2006, members meeting the threshold requirements in those sections have
the right to require the Company:
(i) to give, to members of the Company entitled to receive notice of the meeting, notice of a resolution which may properly be
moved and is intended to be moved at the meeting; and/or
(ii) to include in the business to be dealt with at the meeting any matter (other than a proposed resolution) which may be properly
included in the business.
A resolution may properly be moved or a matter may properly be included in the business unless:
(a) (in the case of a resolution only) it would, if passed, be ineffective (whether by reason of inconsistency with any enactment or
the Company’s constitution or otherwise);
(b) it is defamatory of any person; or
(c) it is frivolous or vexatious.
Such a request may be in hard copy form or in electronic form, and must identify the resolution of which notice is to be given or the
matter to be included in the business, must be authorised by the person or persons making it, must be received by the Company
not later than on 18 February 2026, being the date five clear weeks before the meeting, and (in the case of a matter to be included
in the business only) must be accompanied by a statement setting out the grounds for the request.
16. As at 2 February 2026 (being the last practicable date prior to the publication of this Notice of Annual General Meeting), the
Company’s issued share capital consisted of 102,197,997 ordinary shares of 1p each. Each ordinary share carries the right to one
vote and therefore the total voting rights in the Company as at 2 February 2026 are 102,197,997.
17. Further information regarding the meeting which the Company is required by Section 311A of the Companies Act 2006 to publish
on a website in advance of the meeting (including this Notice), can be accessed at www.blackrock.com/uk/beri.
18. No service contracts exist between the Company and any of the Directors, who hold office in accordance with letters of
appointment and the Articles of Association.
Contents
152 BlackRock Energy and Resources Income Trust plc l Annual Report and Financial Statements 30 November 2025
Job No: 103107 Proof Event: 13 Black Line Level: 5 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Be ScamSmart
Investment scams are designed
to look like genuine investments
Spot the warning signs
Have you been:
• contacted out of the blue
• promised tempting returns and told the investment is safe
• called repeatedly, or
• told the offer is only available for a limited time?
If so, you might have been contacted by fraudsters.
Avoid investment fraud
Reject cold calls
Check the FCA Warning List
Get impartial advice
you hand over any money. Seek advice from someone
Report a scam
Find out more at www.fca.org.uk/scamsmart
1
2
3
Remember: if it sounds too good to
be true, it probably is!
The FCA Warning List is a list of firms and individuals we
know are operating without our authorisation.
If you’ve received unsolicited contact about an investment
opportunity, chances are it’s a high risk investment or a
scam. You should treat the call with extreme caution.
The safest thing to do is to hang up.
If you suspect that you have been approached by
fraudsters please tell the FCA using the reporting form at
www.fca.org.uk/consumers. You can also call the
FCA Consumer Helpline on 0800 111 6768
If you have lost money to investment fraud, you should
report it to Action Fraud on 0300 123 2040 or online at
www.actionfraud.police.uk
SGN001
Share fraud warning
Contents
Job No: 103107 Proof Event: 5 Black Line Level: 0 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2025 T: 0207 055 6500 F: 020 7055 6600
Printed by Park Communications on FSC® certified paper.
Park works to the EMAS standard and its Environmental Management System is certified to ISO 14001.
This publication has been manufactured using 100% offshore wind electricity sourced from UK wind.
100% of the inks used are vegetable oil based, 95% of press chemicals are recycled for further use and, on
average 99% of any waste associated with this production will be recycled and the remaining 1% used to
generate energy.
This document is printed on paper made of material from well-managed FSC®-certified forests and other
controlled sources.
How to Invest
Retail Investors advised by IFAs
The Company currently conducts its affairs so that its shares
can be recommended by Independent Financial Advisers
(“IFAs”) in the UK to ordinary retail investors in accordance
with the Financial Conduct Authority (“FCA”) rules in relation
to non-mainstream investment products and intends to
continue to do so. The shares are excluded from the FCA’s
restrictions which apply to nonmainstream investment
products because they are shares in an investment trust.
Computershare – Share Dealing Service
An internet and telephone dealing service is available
through the Company’s registrar, Computershare.
This provides a simple way for UK shareholders of
BlackRock Energy and Resources Income Trust plc to buy or
sell the Company’s shares. For online share purchases, you
will need to register for the Walker Crips Dealing
Service www.wcgplc.co.uk/ShareDealing. For full
details and terms and conditions simply log onto
www.computershare.com/dealing/uk or call 0370 703 0084
between 8.30am and 5.30pm Monday to Friday. This service
is only available to shareholders of BlackRock Energy and
Resources Income Trust plc who hold shares in their own
name, with a UK registered address and who are aged 18 and
over. Computershare Investor Services PLC, The Pavillions,
Bridgwater Road, Bristol BS13 8AE is registered in England
and Wales with number 03498808. Computershare Investor
Services PLC is authorised and regulated by the Financial
Conduct Authority.
Investment Platforms
The Company’s shares are traded openly on the London
Stock Exchange and can be purchased through a stock
broker or other financial intermediary. The shares are
available through savings plans (including Investment
Dealing Accounts, ISAs, Junior ISAs and SIPPs) which
facilitate both regular monthly investments and lump sum
investments in the Company’s shares. There are a number of
investment platforms that offer these facilities. The following
is a list of some of them, which is not comprehensive and
does not constitute any form of recommendation:
AJ Bell Youinvest www.youinvest.co.uk/
Barclays Stockbrokers www.smartinvestor.barclays.co.uk/
Bestinvest www.bestinvest.co.uk/
Charles Stanley Direct www.charles-stanley-direct.co.uk/
Halifax Share Dealing www.halifaxsharedealing-online.co.uk
Hargreaves Lansdown www.hl.co.uk/
HSBC www.hsbc.co.uk/investments/products-and-services/
invest-direct/
iDealing www.idealing.com/
Interactive Investor www.ii.co.uk/
IWEB www.iweb-sharedealing.co.uk/
Saxo Capital Markets www.home.saxo
Tillit www.tillitinvest.com/
WealthClub www.wealthclub.co.uk
Risk warnings
Past performance is no guarantee of future performance.
The value of your investment and any income from it may
go down as well as up and you may not get back the amount
invested. This is because the share price is determined by the
changing conditions in the relevant stock markets in which
the Company invests and by the supply and demand for
the Company’s shares. As the shares in an investment trust
are traded on a stock market, the share price will fluctuate
in accordance with the supply and demand and may not
reflect the underlying net asset value of the shares; where the
share price is less than the underlying value of the assets,
the difference is known as the ‘discount’. For these reasons
investors may not get back the original amount invested.
Although the Company’s shares are denominated in sterling,
it may invest in stocks and shares which are denominated
in currencies other than sterling and to the extent they do
so, they may be affected by movements in exchange rates.
As a result the value of your investment may rise or fall with
movements in exchange rates. Investors should note that
tax rates and reliefs may change at any time in the future.
The value of ISA tax advantages will depend on personal
circumstances. The favourable tax treatments of ISAs may
not be maintained.
Contents
Job No: 53670 Proof Event: 2 Black Line Level: 0 Park Communications Ltd Alpine Way London E6 6LA
Customer: BlackRock Project Title: BERI Annual Rpt 2024 T: 0207 055 6500 F: 020 7055 6600
BlackRock Energy and Resources Income Trust plc Annual Report and Financial Statements 30 November 2025
www.blackrock.com/uk/beri
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